2023-05-18 23:25:00
U.S. President Joe Biden plans to unveil a new round of U.S. trade restrictions on Russia on the first day of the Group of Seven summit in Hiroshima, a move aimed at further tamping down the Kremlin and showing allies’ continued support for Ukraine.
U.S. President Joe Biden plans to unveil a new round of U.S. trade restrictions on Russia on the first day of the Group of Seven (G7) summit in Hiroshima, a move aimed at further tamping down the Kremlin and showing allies’ continued support for Ukraine.
A senior Biden administration official told reporters shortly following Biden’s arrival in Hiroshima that the new U.S. sanctions and trade restrictions target goods and services critical to Russia’s military-industrial complex. The measures also target Russia’s ability to extract oil and gas vital to the country’s economy, the official said. Other Western allies will roll out similar new programs that largely align with U.S. sanctions, officials said.
The introduction of the new restrictions coincides with the opening of the G7 summit. The main purpose of Biden’s trip is expected to be to maintain unity among allies, support Ukraine, and strengthen economic cooperation to counter China.
“It is important that we are ramping up economic pressure on Russia” and that actions by the United States and allies will “make it harder for Russia to maintain its war machine,” the senior U.S. official said.
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U.S. President Joe Biden plans to unveil a new round of U.S. trade restrictions on Russia on the first day of the Group of Seven (G7) summit in Hiroshima, a move aimed at further tamping down the Kremlin and showing allies’ continued support for Ukraine.
A senior Biden administration official told reporters shortly following Biden’s arrival in Hiroshima that the new U.S. sanctions and trade restrictions target goods and services critical to Russia’s military-industrial complex. The measures also target Russia’s ability to extract oil and gas vital to the country’s economy, the official said. Other Western allies will roll out similar new programs that largely align with U.S. sanctions, officials said.
The introduction of the new restrictions coincides with the opening of the G7 summit. The main purpose of Biden’s trip is expected to be to maintain unity among allies, support Ukraine, and strengthen economic cooperation to counter China.
“It is important that we are ramping up economic pressure on Russia” and that actions by the United States and allies will “make it harder for Russia to maintain its war machine,” the senior U.S. official said.
A senior EU official said the bloc had been coordinating closely with the United States on the sanctions ahead of the G7 summit. The official said EU member states were still discussing the next round of EU sanctions and the focus was expected to be on tackling circumvention of existing sanctions.
The U.S. official said Washington’s new offensive in the financial war included placing more than 300 companies, individuals, planes and ships in Europe, the Middle East and Asia on sanctions lists that officials said were on the way. Help Moscow sidestep trade and financial bans. The Commerce Department will add 70 new entities to its list of companies and individuals for export controls, they said.
Businesses that will be sanctioned on Friday include an electronics wholesaler called Elmec Trade, which is registered in EU member Estonia, people familiar with the matter said. The company has conducted thousands of semiconductor transactions with Russia worth more than $15 million since Russia invaded Ukraine, according to the people familiar with the matter and Russian customs data reviewed by The Wall Street Journal.
Although it may seem small, the company has become a major player in the delivery of Western semiconductors to Russia.
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