New Sanctions Placed on Russia
March 2023 – More than a year after Russia’s invasion of Ukraine, the situation is escalating further with the threat of nuclear weapon use by Russia. Several new sanctions are being levied against key Russian businesses by countries around the world.
This latest round of sanctions target a number of key industrial sectors, including the metals, mining, and financial industries. According to a statement from the United States Department of Treasury, these are the “most significant sanctions actions to date” aimed at slowing Russian military advancement in Ukraine.
KEY SANCTION ACTIONS
Financial Industry Sanctions
- Key Russian banks, including the Credit Bank of Moscow PJSC, PJSC MTS Bank, PJSC Bank Uralsib, Bank Zenit Public JSC and Bank Saint-Petersburg PJSC have all been sanctioned by several western nations.
- These sanctions include the suspension of ALL transactions involving the targeted Russian banks by businesses and individuals.
Metal & Mining Industry Sanctions
- The United States has imposed a sanction on all Russian derived metals
- Example: In the case of aluminum and all of its derivatives, a 200% tariff has been imposed.
- The London Metal Exchange (LME) has suspended all Russian derived metals from its US based warehouses.
Other Sanctions on Russian Defense, Technology, and Energy
- The G7 has targeted individuals and businesses, with ties to Russian defense & technology sectors.
- The G-7 has placed a price cap of $100/per barrel on petroleum products originating from Russia.
- The EU has imposed a ban on the purchase of all Russia gasoline, diesel fuel, and other refined petroleum products.