US announces fresh sanctions on Russia and more funding one year into war

25 February 2023, Washington: The White House announced new sanctions on Russian banks, firms, manufacturers tied to weapons production and 250 people on Friday. The US action was coordinated with the Group of Seven allies. Washington also announced $2 billion in funding for more ammunition and drones for Ukraine’s fight against Russia.

Treasury Secretary Janet Yellen said in a written statement, “Our sanctions have had both short-term and long-term impact, seen acutely in Russia’s struggle to replenish its weapons and in its isolated economy … our actions today with our G7 partners show that we will stand with Ukraine for as long as it takes.”

Named in yesterday’s sanctions package are a dozen more financial institutions, including Russia’s largest public non-state bank, importers of microelectronics and producers of carbon fiber a key material for defense systems.

Russia is the most sanctioned nation in the world, with more than 30 countries representing more than half the world’s economy imposing sanctions in response to Russia’s invasion of Ukraine. Roughly 2,500 Russian firms, government officials, oligarchs and their families have been sanctioned by the West.

They have imposed price caps on Russian oil and diesel, frozen Russian Central Bank funds and restricted access to SWIFT, the main system for international financial transactions.

Britain’s treasury chief, Jeremy Hunt said at the G-20 meetings Friday, “We don’t think the job is by any means done.” French Finance Minister Bruno Le Marie said, “Our sanctions are strong, they are efficient, they are hitting and reducing all revenues of Russia. They are disorganizing Russian industry, undermining war efforts.”

Thank you for taking the time to read this article. Do remember to come back and check The Euro Weekly News website for all your up-to-date local and international news stories and remember, you can also follow us on Facebook and Instagram.