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300 New Sanctions for Russia as US Looks to Tighten the Noose

Ahead of a meeting later this week with Ukrainian President Volodymyr Zelensky at the Group of 7 nations leadership summit, the Biden administration has slapped 300 new sanctions on Russia in a further attempt to squeeze the war coffers as Moscow continues to circumvent sanctions most significantly, via China. 

Sanctions announced by the U.S. Department of Treasury on Wednesday added approximately 300 new sanctions on individuals and entities helping the Kremlin continue its war against Ukraine and enabling sanctions evasion. 

“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,” Secretary of the Treasury Janet Yellen said in a statement on Wednesday. 

The Treasury Department's new round of sanctions also provides updated guidelines for foreign financial outfits that risk being caught up in sanctions evasion cases, cautioning against transactions with foreign branches of Russian banks. Other IT-consultancy-related restrictions have also been added to the roster. 

Earlier this week, Bloomberg reported that a Russian tanker had attempted to circumvent U.S. sanctions by surreptitiously transferring its oil cargo to another vessel offshore Singapore. Earlier this year, the United States sanctioned Sovcomflot and 14 individual tankers for their participation in Russian crude oil exports amid the G7 price cap regime. 

On Wednesday, coinciding with Washington’s announcement of 300 new sanctions on Russian targets, the European Union also said it was mulling sanctions for Sovcomflot, Russia's oil-shipping giant which has been central to Russia’s continued crude oil exports after the EU/G7 price cap and sanctions. The company also ships liquefied natural gas, according to Bloomberg. 

In February this year, the U.S. Treasury and State targeted Sovcomflot and more than a dozen tankers linked to the Russian state-owned firm in a new wave of sanctions that targeted about 500 entities.

By Charles Kennedy for Oilprice.com

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  • Mamdouh Salameh on June 12 2024 said:
    What effect would even 1,000 new sanctions against Russia achieve? Nothing for the United States but economic growth and power for Russia.

    Is that why the Russian economy has overtaken the economies of both Japan and Germany to become the world's fourth largest economy based on purchasing power parity (PPP) according to the latest data from the World Bank?

    If sanction-busting is invigorating the Russian economy and causing it to flourish, then President Putin will welcome a few hundred more US sanctions.

    Don't the misguided decision-makers in the Biden administration realize that their sanctions are strengthening the strategic relations between China and Russia, accelerating the fall of the dollar, giving impetus into the transition of the World Order into a multipolar one and a new global financial system away from the dollar being ushered in by the BRICS?

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

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