President Joe Biden’s administration plans to introduce new export controls and a new package of sanctions against Russia targeting key industries a year after Vladimir Putin launched his invasion of Ukraine.

The measures will target Russia’s defense and energy sectors, financial institutions and several individuals, according to people familiar with the matter, who spoke on condition of anonymity. The US and its allies are also expected to turn their attention to Russia’s sanctions evasion, circumvention, and circumvention, and influence the support it receives from third countries.

Representatives of the White House National Security Council did not immediately comment.

American and European leaders are preparing for a potentially protracted conflict as Ukraine’s allies rush to deliver weapons that will thwart Russia’s intensifying offensive on the eastern and southern fronts and enable a Ukrainian counteroffensive in the spring.

As part of its stepping up efforts, the European Union may require banks and other institutions to report sanctioned Russian assets they hold as part of a new package that the bloc also intends to approve next week. EU sanctions require the support of all member states.

EU package

The EU package also includes proposals to impose restrictions on Iranian entities believed to supply drones and other military goods to Russia, as well as expanded controls on trade in other goods used by the Russian military, including technology, components, heavy equipment, electronics. . and rare earth elements.

The G7 countries and the EU are also seeking to intensify cooperation on sanctions. The goal is to increase pressure on companies that can help Russia avoid the impact of sanctions, tighten existing measures, increase diplomatic pressure on countries that can help Moscow, and explore future measures and sanctions for interrupting the flow of military supplies.

A year after Russia’s war in Ukraine, and after the approval of several packages of sanctions, attention will again be focused on enforcing existing restrictions, including against states that have not taken action, as well as companies that intend to implement them, he said. one of the sources.

Source: moneyreview.gr according to Bloomberg.