May 8, 2022 - World

U.S. targets Russian TV stations in new sanctions

Russian President Vladimir Putin. Photo: Contributor/Getty Images

The U.S. targeted Kremlin-controlled media outlets and prominent banks in a slate of new sanctions on Russia announced by the Treasury on Sunday.

Why it matters: The move will cut off three of Russia's top TV stations — Channel One Russia, Russia-1 and NTV — from American advertising dollars. "All three stations are directly or indirectly state-owned and controlled," Treasury wrote.

  • The networks are "owned or controlled by, or for having acted or purported to act for or on behalf of, directly or indirectly, the [Russian government]," per the announcement.

The big picture: The news coincided with a sweep of new actions it's taking, alongside allies, against Russia ahead of its symbolic Victory Day celebration on Monday.

The sanctions also targeted eight executives of Sberbank, Russia’s largest financial institution, and 27 executives from Gazprombank, Russia's third largest bank, per the release.

  • The sanctions also target state-owned Moscow Industrial Bank and 10 MIB subsidiaries. Private defense company Promtekhnologiya, which "supplies Russia’s military and intelligence services with its products" has also been punished.
  • The sanctions also ban Russian companies from accessing accounting and consulting services from American companies and people.

What they're saying: “Today we are further constricting Russia’s economy and access to services and technology it needs to conduct this unprovoked invasion,” Treasury Secretary Janet Yellen said, per the release.

  • “Preventing Russia from accessing the United States’ valuable professional services increases the pressure on the Kremlin and cuts off its ability to evade sanctions imposed by the United States and our partners," Yellen added.
  • "We are also targeting Putin’s ability to generate revenue that enables his aggression, as well as entities and their leaders who support his destructive actions.”
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