Since the start of the Russian invasion of Ukraine, the US and the West have unleashed an unprecedented wave of attacks sanctions against Russia. Not only was the Russian economy constrained, but Russian President Vladimir Putin, his family and his closest advisers and oligarchs were also targeted.
Now the US and the G7 have released another one package of sanctions intends to hamper Russia’s ability to wage a war of aggression in Ukraine.
More sanctions against Russia
That new sanctions will focus on five targets: media, services, oil, exports and people. The G7 imposed the following sanctions:
Attack on state-controlled media in Russia;
banning services that fund the war effort and help circumvent sanctions;
Cancellation of imports from Russian oil and reducing dependence on Russian energy;
imposing more export controls and sanctions to weaken Russia’s war effort;
Imposing sanctions on Russian elites and their family members and imposing visa restrictions on Russian and Belarusian officials involved in the war effort.
“Our unprecedented package of coordinated sanctions has already severely hampered Russia’s aggressive war, limiting access to financial channels and the ability to pursue its goals. These restrictive measures are already having a significant impact on all Russian economic sectors – financial, trade, defense, technology and energy – and will increase the pressure on Russia over time. We will continue to impose a heavy and immediate economic cost on President Putin’s regime for this unjustifiable war,” the G7 said in a Joint Statement.
For the first time in its history, Ukraine took part in a G7 meeting.
“For the first time, Ukraine took part in a meeting of the heads of state and government of the G7. The world’s largest democracies. I have outlined our vision of what needs to be done for freedom to triumph and Ukraine’s security to be guaranteed. I called for exaltation sanctions against Russia and creating conditions for Ukraine so that the war ends as soon as possible with the liberation of our country and our people. This applies in particular to the embargo on Russian oil, oil blends and petroleum products,” said Ukrainian President Volodymyr Zelenskyy called.
The failing state of the Russian economy
“Our unprecedented sanctions are already taking an immense toll on Russia’s economy, and our export controls have strangled Russia’s access to critical technology and the supply chains it needs to sustain its military ambitions. Putin’s war is expected to undo the economic gains of the past 15 years in Russia,” the White House said in a statement press release.
The Russian economy, and in particular ordinary Russian citizens, are beginning to feel the effects of the sanctions. With the ruble completely devalued against the dollar and international corporations leaving Russia left and right, the average Russian does not see a viable future in Putin’s Russia.
“As a result of our export controls, Russia is struggling to replenish its military weapons and equipment. The two large tank plants of Russia – Uralvagonzavod Corporation and Chelyabinsk Tractor Plant – stopped work due to the lack of foreign components. Nearly 1,000 private sector companies have left Russia, and more than 200,000 Russians, many highly skilled, are reported to have fled the country. All of these costs will add up and intensify over time,” the White House said.
[1945newcolumnisfordefenseandnationalsecurity[1945neuerKolumnistfürVerteidigungundnationaleSicherheitStavros Atlamazoglou is a veteran defense journalist specializing in special operations, a veteran of the Hellenic Army (national service with the 575th Marine Battalion and Army Headquarters) and a graduate of Johns Hopkins University. His work was featured in Business Insider, sandboxxand SOFREP.
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