U.S. Treasury sanctions Russian mining sector, goes after sanctions evasion

The U.S. Treasury Department on Friday imposed fresh sanctions on Russian banks and targeted its mining and metals sector, while going after over 30 individuals and companies from Switzerland, Germany and other countries for helping Moscow finance its war against Ukraine, now entering its second year.

The new measures, announced on the first anniversary of Russia’s invasion, hit 22 Russian individuals and 83 entities in an action that Washington said would further isolate Russia from the global economy, Treasury said in a statement.

The action was taken together with other U.S. agencies, U.S. allies and the Group of Seven rich nations to further throttle Russia’s ability to finance the war that has killed tens of thousands, and uprooted millions of Ukrainians.

“Our sanctions have had both short-term and long-term impact, seen acutely in Russia’s struggle to replenish its weapons and in its isolated economy,” Treasury Secretary Janet Yellin said in the statement.

The latest measures were aimed at “impeding the ability of President Vladimir Putin’s regime to raise capital in support of the war” by targeting banks, wealth management-related firms and individuals in Russia’s financial services sector, the statement said.

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