Last week, the U.S. Department of the Treasury's Office of Foreign Assets Control issued a press release announcing the decision to impose more sanctions on Russia for Ukraine aggression, aligned with G7 commitments. Measures target military capabilities and economic strength until a peaceful resolution is achieved.
"As long as Russia continues to wage its unprovoked and brutal war against Ukraine, we will impose sanctions to deprive Russia of the technology it needs and disrupt the Russian arms industry's ability to resupply," U.S. Department of Treasury Deputy Secretary Wally Adeyemo said.
According to a press release issued on July 20, in a move to further hold Russia accountable for its aggressive actions in Ukraine, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has taken decisive action, implementing additional measures that align with commitments made by the G7 Leaders earlier this year.
Back in February 2023, the G7 leaders united to announce a series of coordinated economic actions and sanctions aimed at restricting Russia's access to critical materials, advanced technology, military equipment, and energy revenue. Furthermore, they pledged to establish an international mechanism to document the damages caused by Russia's aggression and to freeze Russia's sovereign assets in their jurisdictions until a peaceful resolution is achieved, according to a press release.
Following this, in May 2023, the G7 convened again and made further commitments, including providing security assistance, supporting Ukraine's recovery and reconstruction efforts, combating corruption, and implementing additional sanctions to weaken Russia's capacity to engage in aggressive acts. The G7 leaders also emphasized the importance of holding those responsible for war crimes and atrocities accountable, providing aid to vulnerable countries affected by the conflict, and tirelessly pursuing peace for Ukraine.
Now, the U.S. has acted on these commitments with new designations announced by OFAC and the Department of State. These measures are specifically targeted at limiting Russia's access to products and materials that support its military and war efforts. Additionally, they aim to reduce Russia's revenue generated from the metals and mining sector while undermining its future energy capabilities.
Moreover, the U.S. is taking action to disrupt Russia's access to the international financial system and deprive the nation of technology crucial for its technology, aerospace, and defense sectors – technologies produced by the G7 countries.
Deputy Secretary of the Treasury, Wally Adeyemo, expressed the United States' determination to take steps to constrain Russia's military capabilities and access to battlefield supplies. He emphasized that these sanctions are designed to hit Russia's economic bottom line. "As long as Russia continues to wage its unprovoked and brutal war against Ukraine, we will impose sanctions to deprive Russia of the technology it needs and disrupt the Russian arms industry's ability to resupply," Adeyemo said.