President Joe Biden met with the leaders of the Group of Seven (G7) nations, and they welcomed Ukrainian President Volodymyr Zelensky to their meeting this past weekend. After the dialogue, President Biden announced a new round of sanctions on Russia because of their criminal war against Ukraine.
The White House put out a statement saying, “Our unprecedented sanctions are already exacting 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.”
The statement continued to describe how Putin’s actions have caused the economic gains from the previous 15 years to be demolished. The White House said that because of the export controls imposed on Russia, they are finding it difficult to replenish their military equipment.
From this point forward, America will sanction three of the most-watched television stations, Russia 1, Channel One Russia, and NTV, that Moscow controls. Western companies were some of the most prevalent advertisers in the last year for these stations. One Biden official indicated to the press that the United States will no longer be sending their advertising dollars along with their technology, video cameras, microphones, and sound equipment to the Russian TV stations.
That same official told reporters, “Some of you have reported on the lies upon lies that are spread on these mouthpieces of the Kremlin, such as claiming the people of Bucha were not killed until days after Russians left the region, or that the placement of dead Ukrainian bodies was staged, or that the brave Ukrainians defending their country are actually the aggressors.”
These sanctions are not the only ones added to what has already been done. America will now prohibit its citizens from providing business services like accounting and corporate management consulting to anyone who lives in Russia. The White House said that these kinds of services are crucial to Russian companies and those who are building their wealth from them. This is a deep cut into the finances needed to keep Putin’s war machine running.
So, with these added elements, there are prohibitions that restrict any connections related to aerospace, marine, electronics, technology, and defense. All these areas of the Russian economy are now experiencing duress.
Six of the G7 nations, Canada, France, Germany, Italy, Japan, and Britain, have joined with the United States to phase out and ban Russian oil from being imported.
A Biden official said that oil is the most important export to Putin. He said it is the “main artery” of the Russian economy. When the European Union joins with other nations in cutting off trade with Russia, it will be a significant move in the stranglehold against Putin.
There are future plans for new rules from the White House that will impact Russia’s industrial sector. These will focus on industrial engines and bulldozers. Access to items like this and the revenue they produce will impact Russia’s military advances, according to the White House.
The common understanding is that Russia will have no other choice but to try to produce its goods and services domestically, and that just doesn’t seem like a possibility for them.
It’s not just goods and services that the United States is focusing on; they imposed approximately 2,600 visa restrictions on both Russian and Belarusian officials. And the United Kingdom, along with the United States, is looking to broaden sanctions on legal services. Right now, there is an openness to seek due process through a U.S. lawyer. But that could change in the near future as new sanctions are brought up every day.
This discussion by the G7 nations took place just as Europe, along with the world, commemorated the end of World War II and fascism.
It was noted by the G7 leaders that Russia is violating the international rules that were developed after the Second World War. These leaders made it clear that they will “spare no effort” to keep Putin accountable for his actions in Ukraine.