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The Biden administration has announced a new round of sanctions targeting Russia’s war economy as the war in Ukraine continues.

The Treasury and State Departments announced approximately 300 sanctions against individuals and entities globally, spanning Asia, the Middle East, Europe, Africa, Central Asia, and the Caribbean. These sanctions specifically target those whose products and services enable Russia’s war efforts and help evade sanctions. In addition, new guidelines warn foreign financial institutions about the risks of conducting transactions with Russia’s war economy.

So, what’s being sanctioned?:

• The Treasury has sanctioned foreign branches of Russian banks, including those in China, India, and Kyrgyzstan.
• The Treasury Department plans to restrict Russia’s access to IT consultancy and design services to hinder the Russian government’s capabilities while maintaining exceptions for telecommunication, internet-related transactions, and humanitarian activities.
• The Treasury Department is expanding its sanctions on Russia’s liquefied natural gas exports, with 90 sanctions targeting entities in various countries, including China, Turkey, and Belarus. The Treasury says this move is to disrupt Russia’s supply chains.

Treasury Secretary Janet Yellen said, “Russia’s war economy is deeply isolated from the international financial system, leaving the Kremlin’s military desperate for access to the outside world. “Today’s actions strike at their remaining avenues for international materials and equipment, including their reliance on critical supplies from third countries. We are increasing the risk for financial institutions dealing with Russia’s war economy and eliminating paths for evasion, and diminishing Russia’s ability to benefit from access to foreign technology, equipment, software, and IT services. Every day, Russia continues to mortgage its future to sustain its unjust war of choice against Ukraine.”

This announcement coincides with President Biden’s upcoming meeting with Ukrainian President Volodymyr Zelensky at the G7 summit. The global effort led by the G7 aims to financially undermine President Putin’s ability to continue the war against Ukraine.