US announces new sanctions targeting Russian banks, military industry, semiconductor access

White House will also take measures to prevent Russia from escaping previous sanctions (AP file image)

The United States on February 24 announced new sanctions that target Russian banks, military-industrial complex and the country's access to semiconductors.

The sanctions will adversely affect "over 200 individuals and entities, including both Russian and third-country actors across Europe, Asia, and the Middle East that are supporting Russia’s war effort," the White House said in a statement.

Futhermore, measures would also be rolled out to prevent Moscow from circumventing the sanctions that have been previously imposed, it added.

Among those subject to new sanctions -- which come on top of multiple layers of previous measures imposed over the last 12 months -- will be "a dozen Russian financial institutions, in alignment with allies and partners, as well as Russian officials and proxy authorities illegitimately operating in Ukraine."

The US Department of Commerce would be imposing export controls on nearly 90 Russian and third country companies, including in China, "for engaging in sanction evasion and backfill activities in support of Russia's defense sector," the White House said.

Targeted companies will be banned from "purchasing items, such as semiconductors, whether made in the US or with certain US technology or software abroad."

Also in the crosshairs for economic penalties is the Russian metals and mining sector.

"Today’s action will result in increased tariffs on more than 100 Russian metals, minerals, and chemical products worth approximately $2.8 billion to Russia. It will also significantly increase costs for aluminum that was smelted or cast in Russia to enter the US market," the White House said.

The measure will "counter harm" that has been caused to US producers by Russia's invasion, the White House said.

The White House added that the latest measures against Russia were rolled out "in coordination with G7 partners and allies."

The G7 countries, which were holding a virtual summit on Friday to mark the one year anniversary of Russia launching its invasion of Ukraine, will announce a new body known as the Enforcement Coordination Mechanism to block attempts at circumventing existing sanctions.

The body will be chaired by the United States in its first year, the White House said.

With AFP inputs