In a latest development related to Russia-Ukraine war, the US Treasury Department has decided to impose new sanctions, targeting entities and individuals whose products and services contribute to Russia’s military operations and help it evade sanctions.
The list includes 34 Russians, such as Pavel Belousov, son of Russian Defence Minister Andrey Belousov, Reports Russian news agency TASS.
Issuing its release on August 23, US Treasury Department said it has imposed sanctions on companies & individuals, “whose products and services enable Russia to sustain its military efforts and evade sanctions.”
Who Are Sanctioned?
Notable among the sanctioned entities are two major Chinese machine tool suppliers and six Chinese electronic component suppliers. Some Chinese and Hong Kong companies are also sanctioned for their support of the Russian company Special Technology Center, which manufactures surveillance and reconnaissance drones.
In addition, sanctions have also been placed on citizens and entities from Belarus, Italy, Turkey, Austria, Liechtenstein, and Switzerland.
Further, the US Commerce Department’s Bureau of Industry and Security (BIS) has also taken significant steps to further restrict the supply of both US-origin and US-branded goods to Russia and Belarus.
BIS has also added 123 entities to the Entity List, which includes 63 from Russia or Crimea, 42 from China (including Hong Kong), and 14 from Turkey, Iran, and Cyprus. Since March 2022, So far, it has added 1,056 entries to the Entity List in response to Russia’s invasion of Ukraine.
Sanctions have also been imposed on Turkish, Russian, and UAE companies involved in supplying microelectronic components, as well as on specific vessels flagged in Panama and Palau intended for transporting liquefied natural gas.
Swiss national Anton Daniel Wyss has been sanctioned for using his Liechtenstein-based company, Audax Consulting Trust Establishment, to obscure Russian ownership and investments.
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Reason Behind Such Large-Scale Sanction
As per Deputy Treasury Secretary Wally Adeyemo, sanctions are part of the US’s broader strategy to disrupt Russia’s military-industrial base and supply chains.
It also target entities involved in Russia’s energy, metals, mining, and military-industrial sectors, as well as those facilitating sanctions evasion and military procurement.
Currently, the Treasury Department is also targeting various transnational networks involved in procuring military supplies for Russia, evading sanctions, and laundering gold for sanctioned Russian companies.
These new measures aim to restrict Russia’s future revenue from metals and mining and target Russian fintech companies that support the country’s financial sector.
(With Inputs From ANI)
