US expands sanctions on Russia to discourage countries like China from doing business with Moscow

The United States on Wednesday expanded its sanctions against Russia as G7 leaders prepare to meet in Italy for a summit whose top priorities will be boosting support for Ukraine and destroying the Russian war machine.

Wednesday's plan targeted Chinese companies that are helping Russia pursue its war in Ukraine and upped the ante for foreign financial institutions that work with sanctioned Russian entities.

It also targeted Russia's financial infrastructure, aiming to limit the flow of money into and out of Russia. Shortly after the sanctions were made public, the Moscow Stock Exchange announced that it would suspend trading in dollars and euros.

The United States has sanctioned more than 4,000 Russian companies and individuals since the start of the war, aiming to stifle the flow of money and arms to Moscow, whose superior firepower has given it an advantage. on the battlefield in recent months. Nonetheless, new companies continually emerge as Russia attempts to rethink its supply chains.

We have to be very honest with ourselves: Putin is a very capable adversary, willing to adapt and find collaborators willing to do so, Aaron Forsberg, State Department director for the policy and implementation of economic sanctions.

Sanctions against Russia, he says, are therefore a dynamic matter.

This includes listing addresses for the first time in an effort to crack down on businesses reopening at the same address under a different name.

Although the sanctions have not stopped the flow of illicit goods, the goal is to make it harder for Russia to obtain crucial technologies and increase the markup on goods. Wednesday's plan targets more than $100 million in trade between Russia and its war suppliers.

More than 300 new sanctions are largely aimed at deterring individuals and companies from countries including China, the United Arab Emirates and Turkey from helping Moscow circumvent Western blockades to obtain key technologies. They also threaten sanctions against foreign financial institutions if they do business with almost any sanctioned Russian entity, underscoring the American view that the Kremlin has put the Russian economy on a war footing.

The Russian military is desperate to gain access to the outside world, Treasury Secretary Janet Yellen said.

The announcement came shortly before President Joe Biden arrived in Italy, where he and other G7 leaders are urgently considering helping Ukraine, including turning frozen Russian assets into billions of dollars support in kyiv.

Seven Chinese and Hong Kong-based companies were targeted Wednesday for shipping millions of dollars of equipment to Russia, including items that could be used in Russian weapons systems.

U.S. officials say China is Russia's main supplier of critical components, supplying both Chinese and Western technology.

The United States on Wednesday sanctioned a Chinese state-owned defense company that officials said had shipped military equipment destined for the Russian defense sector.

The move sends a message that the United States is willing to venture into more dangerous territory by increasing pressure on the Chinese government, said Benjamin Hilgenstock, a senior economist at the Kyiv School of Economics.

We will discuss (China's) support for the Russian defense industrial base. And we will confront China's non-market policies that lead to harmful global spillovers, White House national security spokesman John Kirby told reporters Tuesday.

China did not sanction Russia after President Vladimir Putin's invasion of Ukraine, and Putin ended his visit to China in May emphasizing the two countries' burgeoning strategic ties.

Chinese leaders do not want these sanctions to succeed, said Janis Kluge, an expert on Russia sanctions at the German Institute for International and Security Affairs in Berlin (SWP).

Beijing, Kluge said, is reluctant to end valuable trade that represents large sums of money and does not want to increase pressure on Putin in this war.

Imports from China are vital for Russia because Beijing is a major producer of essential components, particularly for Western companies. Chinese companies also serve as intermediaries for the sale and shipping of Western components to Russia.

But while Chinese technology has been discovered on the battlefield in Ukraine, most components still come from Western countries, including those overwhelmingly found in high-tech drones and ballistic missiles, said Hilgenstock.

In addition to China, the United States targeted companies in Turkey and the United Arab Emirates that authorities said were sending high-priority items to companies in Russia, including companies already sanctioned.

In December, the White House said foreign financial institutions could be sanctioned if they collaborate with Russian defense sector entities. The expansion of sanctions announced on Wednesday now means that these institutions could face such measures if they work with almost all sanctioned Russian entities.

US President Joe Biden's top foreign policy adviser, Jake Sullivan, told reporters en route to the G7 that the message to China and other countries was that they were at serious risk of clashing with the department of the Treasury and fall under a sanctions regime.

The fear of triggering secondary sanctions constitutes an effective threat, analysts say.

Although President Xi Jinping may not want to facilitate Western sanctions against Russia, Chinese banks have always been very careful not to become the target of secondary sanctions because it would cost them dearly, Kluge said, emphasizing cases where Chinese banks terminated relations with Russia. clients.

The plan also aims to hinder the development of Russia's energy sector and future sources of liquidity, including liquefied natural gas projects in the Arctic that have been shipped by a Chinese company with critical LNG technology.

Additionally, the program targeted those involved in the forced transfer and deportation of Ukrainian children to Russia. Five people in Russia and Russian-occupied Ukraine were sanctioned for participating in the forced militarization and re-education of children and providing them with Russian passports.

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AP White House reporter Colleen Long aboard Air Force One contributed to this report

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