Margaret Thatcher’s former adviser, Nile Gardiner, discusses the impact the sanctions have had on the Russian economy so far in Fox Business Tonight.
The United States on Thursday announced a series of new financial sanctions against Russian lawmakers and defense contractors, adding further financial pressure on Moscow over its invasion of Ukraine.
The Treasury’s latest actions target more than 400 individuals and organizations, including dozens of Russian defense contractors; 328 members of the Russian State Duma, the lower house of parliament; and dozens of people from Russia’s elite.
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The US fines hit Herman Gref, head of Russia’s largest financial institution and adviser to President Vladimir Putin; Russian billionaire Gennady Timchenko, his companies and family members; and 17 board members of the Russian financial institution Sovcombank.
Russian President Vladimir Putin attends a flag-raising ceremony at a state residence outside Moscow via video link. (ALEXEY NIKOLSKY/SPUTNIK/AFP via Getty Images/Getty Images)
The defense companies targeted by the sanctions are Russian Helicopters, Tactical Missiles Corporation, High Precision Systems, NPK Tekhmash OAO and Kronshtadt, the White House said.
The US has led a global push to punish the Kremlin for its invasion of Ukraine nearly a month ago, the biggest attack on a European state in decades.
The new measures were announced during high-level summits between President Biden and leaders of NATO, the European Union and the Group of Seven. The US and its European allies are trying to form a united front against the Kremlin after imposing a massive, coordinated package of sanctions on Russia immediately after the invasion.
A Belgian delegation greets U.S. President Joe Biden as he arrives for an extraordinary NATO summit to discuss ongoing deterrence and defense efforts in response to Russia’s attack on Ukraine March 23, 2022 in Brussels, Belgium. (Reuters/Evelyn Hockstein / Reuters Photos )
Previous Western sanctions have included cutting off a key part of Russia’s central bank, preventing it from selling dollars, euros and other foreign currencies in its reserve holdings of around $630 billion; block certain financial institutions from the Swift messaging system for international payments; and sanctions against some of Russia’s elite with close ties to Putin.
The US also ordered a ban on Russian oil imports – something President Biden has warned will hurt Americans at the pump.
“Defending freedom will cost,” Biden said when announcing the sentence.
A protester holds a sign reading ‘Abramovich can’t be Portuguese’ during a protest against the Russian invasion and in solidarity with the Ukrainian people in front of the Russian embassy in Lisbon, Sunday, February 27, 2022. (AP Photo/Ana Brigida/ AP newsroom)
European nations have also debated reducing their reliance on Russia for gas and oil; Moscow supplies about 40% of the gas that Europe consumes.
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Reducing Europe’s dependence on Russian energy has been a “substantial” issue and the subject of “intense back-and-forth” in recent days, White House National Security Advisor Jake Sullivan told reporters on an Air Force One flight, according to Reuters to Brussels.
Sullivan said Biden will share some news on the matter with European Commission President Ursula von der Leyen on Friday.