Editor’s Note
This article details new U.S. executive action aimed at intensifying pressure on Russia and those aiding its war effort.
President Joe Biden on Friday signed an executive order to strengthen sanctions against Russia over its invasion of Ukraine, which also targets financial institutions that facilitate sanctions evasion.
National Security Advisor Jake Sullivan said in a statement.
According to U.S. officials, the executive order signed by Biden clearly warns financial institutions that they will face severe sanctions if they fail to stop supplying Russia’s defense sector. The White House stated that the order also includes expanded authority to impose import bans on specific Russian products, such as seafood and diamonds.
Officials noted that the U.S. has coordinated with allies regarding these measures. U.S. authorities have previously visited countries like Turkey and the United Arab Emirates (UAE), warning that companies trading with sanctioned entities risk losing access to G7 markets.
G7 leaders held an online meeting with Ukrainian President Volodymyr Zelenskiy on the 6th of this month, reaffirming their solidarity. In a joint statement released after the meeting, the G7 announced that it would ban direct imports of non-industrial Russian diamonds from January 1, 2024, and would restrict imports of Russian diamonds sold by third countries by around March 1.
