US Prepares New Sanctions To Destroy Russia's Defense Industrial Base

US President Joe Biden/PHOTO via Instagram @potus

JAKARTA - United States (US) President Joe Biden has brought in more than 300 new sanctions aimed at further isolating and weakening Russia after more than two years of carrying out attacks in Ukraine.

The measures, the US Treasury said, are guided by the G7's commitment to increasing pressure on Russia, and mark the latest step towards limiting Kremlin revenues and hampering Moscow's ability to obtain materials for its war.

The sanctions are aimed at foreign financial institutions supporting Russia's war, limiting Russia's access to certain US information software and technology services, and targeting more than 300 individuals and entities whose products and services allow Russia to maintain its war efforts and avoid sanctions, the department said.

America and Western allies have imposed a series of sanctions on Russia in recent years, but Russia has adapted to the sanctions.

Russian President Vladimir Putin has 'composed' Russia's rejection of international sanctions, which take time to come to fruition.

"The actions taken today are a blow to the remaining supplies of international materials and equipment, including their dependence on important supplies from third countries. We increase the risk for financial institutions dealing with Russia's war economy and eliminating avoidance, as well as reducing Russia's ability to benefit from access to technology, equipment, software, and foreign IT services," Finance Minister Janet Yellen said in a statement.

Among these actions is a move that will authorize the Treasury Department to impose sanctions on foreign financial institutions that assist Russia's military industry base.

This move threatens sanctions against any financial institution that conducts a business with individuals or entities previously sanctioned, including banks Sberbank and VTB.