The United States is going to introduce additional sanctions against Russian mass media, restrict Moscow’s access to U.S. financial services, and further limit consumption of Russian oil, the White House said in a statement on May 8.
Russian state-run TV channels Russia-1, NTV, and Channel One will be cut off U.S. advertising and equipment sales. These stations used to have substantial cash flows abroad.
Russian companies will also be restricted from accessing U.S. financial services – audits, corporate consulting, and asset management. These were crucial for generating wealth for the Russian elite and their businesses.
The message also confirmed a G7 pledge to gradually remove Russian oil from their economies and ensure the stability of global energy markets.
Several other sectors of Russian industry – lumber, engine manufacturing, industrial fans, bulldozers, among others – are also going to be hit in this new wave of U.S. sanctions.
Washington aims to strangle Russia’s Promtekhnologia, a company that produces small arms, along with eight transportation enterprises. Sale of certain nuclear materials to Russia will also be banned.
Around 2,600 Russian and Belarussian government and military officials, who are believed to be responsible for war crimes in Ukraine, will have their U.S. visas restricted. Additional sanctions will be levied against several dozen senior managers of three major Russian banks: Sberbank, Gazprombank, and Mosprombank.
“(Vladimir) Putin has failed in his initial military objective to dominate Ukraine – but he has succeeded in making Russia a global pariah,” the message reads.
“Today, the United States, the European Union and G7 committed to ratchet up these costs by collectively taking further measures, consistent with each partner’s respective legal authorities and processes.”
According to the White House, unprecedented Western sanctions are already wreaking havoc on Russia’s economy, while trade restrictions are precluding Moscow from keeping their military-industrial complex running.
“Putin’s war is projected to wipe out the last 15 years of economic gains in Russia.”