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At the Group of Seven (G7) summit taking place in Italy, the United States is preparing to launch additional sanctions on Russia, as disclosed by White House spokesperson John Kirby on June 11.
Kirby’s declarations were captured by Reuters, where he mentioned that in addition to the sanctions, the U.S. will impose more export controls designed to have a significant effect, particularly aimed at those aiding Russia’s military actions in Ukraine.
“We’re going to continue to drive up costs for the Russian war machine,” emphasized Kirby.
In efforts to limit Russia’s revenue and its access to crucial technologies for its military endeavors, Western nations have enforced a sweeping range of financial sanctions subsequent to Moscow’s aggressive incursion into Ukraine.
Efforts to circumvent these sanctions have been detected, with Russia leveraging third-party entities in regions like China, Central Asia, Turkey, and the United Arab Emirates.
The exclusion of Russia from SWIFT in 2022 gave rise to the Russian central bank’s SPFS system, established back in 2014, which has been pivotal for financial transactions for Russia post-disconnection.
A recent focus by allies of Kyiv has been on banks suspected of being conduits for such transactions, which has led multiple financial institutions to enforce stricter measures, impacting Russia’s ability to import goods.
During a recent stop in Kyiv, Wally Adeyemo, the U.S. Deputy Treasury Secretary, met with high-ranking Ukrainian officials to discuss amplified sanctions measures against Russia.
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FAQ Section
What are the new sanctions the US is planning to announce against Russia?
The specifics of the new sanctions have not been disclosed but they are expected to be impactful and target entities involved in supporting Russia’s military efforts in Ukraine.
Why is the US imposing new sanctions on Russia?
The new sanctions are a continuation of the efforts by Western countries to penalize Russia for its full-scale invasion of Ukraine and to restrict its state revenue and access to essential technologies for the war.
Are there countries helping Russia to dodge sanctions?
Yes, reports suggest that third-party entities in regions like China, Central Asia, Turkey, and the United Arab Emirates are being used to bypass the sanctions.
What is the SPFS system?
The SPFS system is Russia’s counterpart to the SWIFT banking network, developed as a response to the risk of disconnection from SWIF, which actually occurred in 2022.
Has the US visited Kyiv recently in regard to sanctions?
Yes, the U.S. Deputy Treasury Secretary Wally Adeyemo visited Kyiv recently to discuss the intensification of sanctions against Russia with Ukrainian officials.
