US implements G7 sanctions targeting Russian military, gold

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Washington took moves to execute fresh sanctions on Russia agreed upon by G7 leaders on Tuesday, targeting Moscow's defense industry and prohibiting gold imports from the nation.

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated 70 entities, many of which are critical to the Russian Federation’s defense industrial base, including State Corporation Rostec, the cornerstone of Russia’s defense, industrial, technology, and manufacturing sectors, as well as 29 Russian individuals. 

According to a statement by the US Treasury Department, the latest moves "strike at the heart of Russia's ability to develop and deploy weapons and technology used for Vladimir Putin's brutal war of aggression against Ukraine."

The Treasury said the sanctions target state-owned Rostec and other defense-related enterprises, as well as military units and officials involved in Ukraine.

"We once again reaffirm our commitment to working alongside our partners and allies to impose additional severe sanctions in response to Russia's war against Ukraine," Treasury Secretary Janet Yellen said. 

"Broad multilateral commitments and actions by G7 members this week further cut off the Russian Federation's access to technology that is critical to their military," she said, which will "degrade Putin's capabilities and further impede his war against Ukraine."

The moves blacklist 70 entities and 29 individuals, which freezes any US-held assets and prohibits them from doing business with or conducting financial transactions with US institutions.

United Aircraft Corporation (UAC) is on the list as Washington aims to "weaken Russia's ability to continue its aerial assault on Ukraine," the statement said.

Also as part of the G7-agreed sanctions, the United States banned imports of gold from Russia, the country's biggest non-energy export, Treasury said. But the move excludes gold already held outside of Russia.

The department designated a company from Uzbekistan that provides electronic components to Russia, which "underscores the risks of doing business with sanctioned Russian entities or individuals," Secretary of State Anthony Blinken said in a statement.

Washington also is increasing tariffs on more than 570 groups of Russian products worth approximately $2.3 billion.

"These measures are carefully calibrated to impose costs on Russia, while minimizing costs to US consumers," Blinken said.

The sanctions also target multiple banks, including the Bank of Moscow, the Treasury Department said on its website on Tuesday.

Today, Moscow declared sanctions against US President Joe Biden's wife and daughter.

The decision to target the First Lady of the United States is part of a new set of sanctions imposed by Russia on 25 Americans on Tuesday.

The people on the list, most notably the Bidens, are prevented from entering Russian territory on an indefinite basis as per Moscow’s Foreign Ministry.

The move was made "in response to the ever-expanding US sanctions against Russian political and public figures," according to a statement from the Ministry.

It is worth noting that the West has put sanctions on senior Russian officials most notably President Vladimir Putin's family, his daughters, and Foreign Minister Sergei Lavrov and members of his family.

The sanctions against the Bidens were announced as the US president plans to travel to Madrid for a NATO summit which is basically focused on the war in Ukraine.