US Significantly Expands Sanctions on Russia

(Patria) - The United States has significantly expanded sanctions on Russia, including targeting companies based in China that sell semiconductors to Moscow.

Among other things, the US Treasury Department stated that it is increasing "the risk of secondary sanctions for foreign financial institutions that cooperate with the Russian war economy," thereby threatening them with loss of access to the US financial system.

The US wants to limit the ability of the Russian military industry to use certain services of American software and information technologies. More than 300 individuals and entities in Russia and beyond, including in Asia, Europe, and Africa, have been sanctioned.

The Treasury Department separately announced that it is sanctioning companies from Hong Kong that supply semiconductors to Russia, taking steps that could affect the flow of nearly $100 million worth of equipment to Moscow.

"Today's actions strike at remaining pathways for international materials and equipment, including their reliance on critical equipment from third countries," said Treasury Secretary Janet Yellen.

The US announced this on the day President Joe Biden departed for the G7 summit in southern Italy.

One of the main priorities for the seven leaders will be strengthening support for Ukraine, now in its third year of resisting the Russian invasion.