The Biden administration, in coordination with its Group of Seven allies, on Friday expanded sanctions on Russia as the war in Ukraine reached its first anniversary.
The Treasury Department announced actions including:
- Expanding sanctions to the metals and mining sector of the Russian economy.
- Designating more than 30 third-country individuals and companies connected to Russia’s sanctions evasion efforts.
- Targeting producers of carbon fiber, which is a key material for defense systems.
- Designating firms and individuals in Russia’s technology and electronics sectors.
- Targeting Russian wealth-management entities, one top-ten bank, and several smaller banks.
The Treasury’s announcement was coupled with the Pentagon’s unveiling of a long-term security assistance package for Ukraine, a $2 billion commitment to send more ammunition and small, high-tech drones.
Now see: U.S. commits $2 billion in drones and ammunition to Ukraine
The announcements come days after President Joe Biden made an unannounced visit to Kyiv and pledged America’s continuing commitment to Ukraine. Biden told President Volodymyr Zelensky and his people that “Americans stand with you, and the world stands with you.”
In a statement Friday, the Pentagon said the aid includes weapons to counter Russia’s unmanned systems and several types of drones, including the upgraded Switchblade 600 Kamikaze drone, as well as electronic warfare detection equipment.
Biden and other G-7 leaders are scheduled to meet virtually with Zelensky on Friday morning, “to continue coordinating our efforts to support Ukraine and hold Russia accountable for its war,” the White House said.
Treasury Secretary Janet Yellen said in a statement that 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 G-7 partners show that we will stand with Ukraine for as long as it takes.”
In a separate interview on MSNBC, Yellen said that ending the war in Ukraine would give the global economy a boost.
“The G-20 is concerned with the global economy and its plight and I think there’s widespread agreement that ending this brutal war on Ukraine is the single most important policy change that would benefit the global economy and its outlook,” she said in an interview from India, where she is attending a Group of 20 meeting.
The sanctions announced Friday cut off access to U.S.-based property of designated individuals or companies.
The Associated Press contributed to this report.