The U.S. Treasury Secretary, Janet Yellen, announced that the government will intensify pressure on Russia with a new package of sanctions. These sanctions, expected to be unveiled next week, will target countries and companies facilitating the supply of military materials to Moscow.
"We continue to act against the evasion of Russian sanctions, and as soon as next week, we will introduce new and strong sanctions targeting those facilitating the Kremlin's war machine, including intermediaries in third countries supplying Russia with critical materials for its military," Yellen stated.
This move comes amid the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB) in Washington, where global financial leaders are convening.
The new restrictions align with Washington's broader efforts in recent months to prevent the Russian Armed Forces from accessing military technology and weaponry amid the ongoing war in Ukraine, which started in February 2022.
Since the invasion, the U.S., in coordination with the European Union (EU) and allied countries like Canada, has imposed sanctions aimed at isolating Russia's economy, including excluding Russian banks from the international SWIFT banking system and targeting its energy sector.
Recently, the U.S. and its allies have tightened sanctions on Russia's "war machinery," with export restrictions on dual-use products that can serve both civilian and military purposes.
To bypass Western sanctions, Russia has reportedly turned to alternative supply routes, sourcing materials through countries like China, India, Malaysia, and Thailand. According to Washington, Russia has also sought arms supplies from countries such as North Korea and Iran, including ammunition and drones.
"We continue to act against the evasion of Russian sanctions, and as soon as next week, we will introduce new and strong sanctions targeting those facilitating the Kremlin's war machine, including intermediaries in third countries supplying Russia with critical materials for its military," Yellen stated.
This move comes amid the annual meetings of the International Monetary Fund (IMF) and the World Bank (WB) in Washington, where global financial leaders are convening.
The new restrictions align with Washington's broader efforts in recent months to prevent the Russian Armed Forces from accessing military technology and weaponry amid the ongoing war in Ukraine, which started in February 2022.
Since the invasion, the U.S., in coordination with the European Union (EU) and allied countries like Canada, has imposed sanctions aimed at isolating Russia's economy, including excluding Russian banks from the international SWIFT banking system and targeting its energy sector.
Recently, the U.S. and its allies have tightened sanctions on Russia's "war machinery," with export restrictions on dual-use products that can serve both civilian and military purposes.
To bypass Western sanctions, Russia has reportedly turned to alternative supply routes, sourcing materials through countries like China, India, Malaysia, and Thailand. According to Washington, Russia has also sought arms supplies from countries such as North Korea and Iran, including ammunition and drones.