U.S. sanctions 398 firms in more than a dozen countries, accusing them of helping Russia's war effort

The effort spearheaded by the Treasury and State Departments is aimed at punishing “third party countries” that are accused of providing material assistance to the Kremlin or assisting Russia in evading the thousands of sanctions

The U.S. on Wednesday (October 30, 2024) imposed sanctions on 398 firms across Russia, India, China, and more than a dozen other nations — accusing them of providing products and services that enable Russia's war effort and aid its ability to evade sanctions.

The effort spearheaded by the Treasury and State Departments is aimed at punishing “third party countries” that are accused of providing material assistance to the Kremlin or assisting Russia in evading the thousands of sanctions that have been imposed on the country since its invasion of Ukraine in February 2022.

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Among those sanctioned by the Treasury Department are 274 companies accused of supplying Russia with advanced technology, as well as Russia-based defence and manufacturing firms that produce or finish military products that maintain the weaponry used against Ukraine.

Additionally, the State Department imposed diplomatic sanctions on several senior Russian Ministry of Defence officials and defence companies, a group of China-based companies that export dual-use goods that fill critical gaps in Russia's military-industrial base and entities and individuals in Belarus related to the Lukashenka regime's support for Russia's defence industry.

Treasury's Deputy Secretary Wally Adeyemo said the U.S. and its allies "are unyielding in our resolve to diminish and degrade Russia's ability to equip its war machine and stop those seeking to aid their efforts through circumvention or evasion of our sanctions and export controls.”

Wednesday's action is the latest in a series of thousands of U.S. sanctions that have been imposed on Russian firms and their suppliers in other nations since Russia's invasion of Ukraine. The effectiveness of the sanctions has been questioned, especially as Russia has continued to support its economy by selling oil and gas on international markets.

The Biden administration acknowledges that sanctions alone cannot stop Russia's war on Ukraine. And many policy experts say the sanctions are not strong enough — as evidenced by the growth of the Russian economy.

A senior Treasury official told reporters on a call to preview the Wednesday sanctions that deepening ties between Russia and North Korea are a sign of Russia's desperation to find support during the war. North Korea said Tuesday its top diplomat is visiting Russia, as rival South Korea and Western nations say the North has sent thousands of troops to support Russia's war effort.

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Earlier this year, the U.S. passed an aid package for Ukraine that allows the administration to seize Russian state assets located in the U.S. and use them for the benefit of Kyiv.

Shortly thereafter, the leaders of the Group of Seven wealthy democracies agreed to engineer a $50 billion loan to help Ukraine in its fight for survival. Interest earned on profits from Russia's $300 billion in frozen central bank assets mostly in Europe would be used as collateral.

Published - October 30, 2024 10:23 pm IST