U.S. imposes new sanctions on Russia, Belarus over Ukraine invasion
The White House on Wednesday announced additional sanctions against Russia and Belarus over the invasion of Ukraine targeting Minsk's technology imports and Moscow's defense sector.
Why it matters: Numerous countries have imposed sanctions on Russian banks, assets and some oligarchs in response to the invasion, though Ukrainian officials are calling for stricter financial punishments on Russia, including a full embargo on its oil exports.
The Department of Commerce's restrictions on technology exports, including software, to Russia will be now extended to Belarus for its support of Moscow's invasion.
- The Commerce Department will also prevent Russia from importing oil and gas extraction equipment while sanctioning entities that have supported the Russian and Belarusian security services, military and defense sectors.
- The Department of State will sanction 22 defense-related entities that make combat aircraft, infantry fighting vehicles, electronic warfare systems, missiles and unmanned aerial vehicles for Russia’s military.
- President Biden confirmed during his State of the Union address Tuesday that the U.S. will bar Russian-owned and -operated flights from entering American airspace.
What they're saying: "The United States will take actions to hold Belarus accountable for enabling Putin’s invasion of Ukraine, weaken the Russian defense sector and its military power for years to come, target Russia’s most important sources of wealth," the White House said in a statement.
- The White House said the U.S. and its allies have no interest in reducing the global supply of energy in the short term but "share a strong interest in degrading Russia’s status as a leading energy supplier over time."
The big picture: Russia's invasion of Ukraine has triggered massive sanctions from several countries.
- Western corporations have suspended their retail sales in Russia or have announced plans to exit the country entirely, and multiple sports organization announced boycotts against Moscow and Belarus.
What's next: U.S. Treasury Secretary Janet Yellen said Tuesday that G7 leaders plan to announce additional sanctions, including freezing and seizing assets of Russian elites and excluding more Russian banks from the SWIFT banking system, according to Reuters.