U.S. Slaps Russia With New Sanctions Over Ukraine Invasion

The United States and its allies on Thursday, Mar. 24, 2022, ramped up pressure on Moscow over its invasion of Ukraine, as Washington imposed fresh sanctions on dozens of Russian defense companies, hundreds of members of its parliament and the chief executive of the country's largest bank, Jarrett Renshaw and Daphne Psaledakis reported for Reuters.

Photo Insert: Sanctions were also slapped on Herman Gref, head of Russia's largest lender, Sberbank.

The US Treasury Department also issued guidance on its website warning that gold-related transactions involving Russia may be subject to sanctions by US authorities, a move aimed at stopping Russia from evading existing sanctions.

The Treasury also slapped sanctions on 328 members of the Duma, Russia's parliament, and Herman Gref, the head of Russia's largest lender, Sberbank (SBER.MM), who the Treasury said was a close Putin associate.

The US also targeted 17 board members of Sovcombank, which is also under US sanctions, and Gennady Timchenko, a longtime ally of Putin, his companies and family members.

"Our purpose here is to methodically remove the benefits and privileges Russia once enjoyed as a participant in the international economic order," a senior administration official said, speaking on condition they not be named.

The US and its allies have imposed several rounds of sanctions, including targeting the country's largest lenders and President Vladimir Putin, since Russian forces invaded Ukraine a month ago in the biggest assault on a European state since World War II. Moscow calls the assault a "special operation" to disarm and "denazify" its neighbor.

Among the new sanctions targets are more than 40 defense companies, including state-owned Tactical Missiles Corp and 28 firms to which it is linked, as well as its general director, the Treasury said in a statement.

The Treasury said Washington's action aligned with similar measures taken by the EU, the United Kingdom and Canada.

The Treasury said the conglomerate, which Britain has already hit with sanctions, produces naval systems and weapons that Russia is using against Ukraine, including the Kh-31, a high-speed airborne guided missile that has been employed extensively in Moscow’s offensive.

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