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Saturday, May 25, 2024

US sanctions Russian weapons suppliers

Despite being the most sanctioned country in the world, Russia's economy has yet to suffer a knockout blow from the financial penalties.

US sanctions Russian weapons suppliers

Tuesday, the Biden administration targeted hundreds of people and firms, from Russia to China and Turkey to the United Arab Emirates, with economic and diplomatic sanctions. As Ukrainian President Volodymyr Zelenskyy visits Washington to ask for more financial support in fighting the Russian invasion that will enter its third year in February, another round of sanctions lands.

Despite being the most sanctioned country in the world, Russia’s economy has yet to suffer a knockout blow from the financial penalties. The sanctions package targeted a multinational weapons procurement network led by Hu Xiaoxun, his China-based private defense company Jarvis HK Co., and a network of associates that coordinate the sale of Chinese weapons to Russia.

Mao Ning, a spokesperson for the Chinese Foreign Ministry, condemned Washington’s latest move, noting that “China opposes such unilateral sanctions and long-arm jurisdiction.” In order to stop containing and suppressing Chinese enterprises, the U.S. must correct its wrong actions immediately. According to Mao, China will also take necessary measures to resolutely safeguard the legitimate rights and interests of Chinese enterprises.

A group of Turkey, UAE, and Maldives-based firms engaged in the weapons production process are also targeted.

US will continue its support says Blinken

“The Kremlin has slowly converted Russia to a wartime economy, but Putin’s war machine cannot survive solely on domestic production,” says Treasury Secretary Janet Yellen. “Today, we are tightening the vise on willing third-country suppliers and networks that provide Russia with the inputs it desperately needs to ramp up and sustain its military-industrial base.”

State Department sanctions include sanctions against gold producers and munitions shippers, as well as sanctions against three entities involved in developing Russia’s Ust-Luga Liquified Natural Gas terminal. This terminal is currently being constructed, and it will be operated by Gazprom, a majority Russian state-owned multinational energy company, and RusGazDobych, a Russian energy company.

Secretary of State Antony Blinken said the U.S. and its allies remain committed to supporting Ukraine despite Russia’s unprovoked, unjustified, and illegal actions. We will continue to use the tools at our disposal to ensure accountability for Russia’s crimes in Ukraine and those who finance and support Russia’s war machine.”

More to read: UN General Assembly Demands Ceasefire in Gaza

A much-anticipated counteroffensive by Ukraine to eject Russian forces from its territory has failed to produce substantial gains, and the war continues without end. Officials from Russia have expressed confidence that they can outlast Western support for Ukraine, while Ukrainian officials have argued that continuing assistance benefits their security partners.

Sanctions prevent targeted people and companies from doing business with the U.S. and block access to U.S. property and bank accounts.