U.S. unveils new sanctions aimed at Russian defense industry

The big picture: The Treasury Department announced that it has sanctioned 70 entities important to Russia's defense industry, including Rostec, which it described as "the cornerstone of Russia’s defense, industrial, technology, and manufacturing sectors."

• The Treasury Department has also sanctioned 29 individuals. Together the actions are meant to "strike at the heart of Russia’s ability to develop and deploy weapons and technology" for the war in Ukraine, per the press release.
• Concurrently, the State Department will sanction another 45 entities and 29 individuals. This will include sanctioning a number of Russian military units and re-sanctioning Russia’s Federal Security Service (FSB), "which have been credibly implicated in human rights abuses or violations of international humanitarian law in Ukraine," per the press release.
• The State Department will also impose visa restrictions against "officials believed to have threatened or violated Ukraine’s sovereignty, territorial integrity, or political independence," including more than 500 Russian military officers.

Worth noting: The Treasury Department on Tuesday also implemented the Russian gold import ban announced by G7 leaders over the weekend.

What they're saying: “Broad multilateral commitments and actions by G7 members this week further cut off the Russian Federation’s access to technology that is critical to their military," Treasury Secretary Janet Yellen said in the press release.

• "Targeting Russia’s defense industry will degrade Putin’s capabilities and further impede his war against Ukraine, which has already been plagued by poor morale, broken supply chains, and logistical failures," Yellen added.