Since the start of the Russian invasion of Ukraine, the U.S. and the West have imposed an unprecedented wave of sanctions on Russia. Not only has the Russian economy been restricted, but the Russian President Vladimir Putin, his family, and his closest advisers and oligarchs have also been targeted too.
Now, the U.S. and the G7, have come out with yet another package of sanctions intended to hamstring Russia’s ability to wage a war of aggression in Ukraine.
More Sanctions on Russia
The new sanctions will focus on five targets: media, services, oil, exports, and people. The G7 have imposed sanctions that are:
Targeting state-controlled media within Russia;
Banning services that finance the war effort and help with sanctions evasion;
Cutting off imports of Russian oil and reducing dependence on Russian energy;
Imposing further export controls and sanctions to degrade Russia’s war efforts;
Imposing sanctions on Russian elites and their family members and visa restrictions on Russian and Belarusian officials involved in the war effort.
“Our unprecedented package of coordinated sanctions has already significantly hindered Russia’s war of aggression by limiting access to financial channels and ability to pursue their objectives. These restrictive measures are already having a significant impact on all Russian economic sectors – financial, trade, defence, technology, and energy – and will intensify pressure on Russia over time. We will continue to impose severe and immediate economic costs 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 meeting of the G7.
“For the first time, Ukraine took part in a meeting of G7 leaders. The world’s largest democracies. I outlined our vision of what needs to be done for freedom to win and to guarantee Ukraine’s security. I called for increasing sanctions on Russia and creating conditions for Ukraine so that the war ends as soon as possible with the liberation of our land and our people. In particular, this applies to the embargo on Russian oil, oil blends and petroleum products,” Ukrainian President Volodymyr Zelensky said.
The Failing State of the Russian Economy
“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. Putin’s war is projected to wipe out the last 15 years of economic gains in Russia,” the White House said in a press release.
The Russian economy, and especially the ordinary Russian citizen, is starting to feel the impacts of the sanctions. With the ruble utterly devalued compared to the dollar and with international corporations leaving Russia left and right, the average Russian sees no viable future in Putin’s Russia.
“As a result of our export controls, Russia is struggling to replenish its military weapons and equipment. Russia’s two major tank plants – Uralvagonzavod Corporation and Chelyabinsk Tractor Plant – have halted work due to lack of foreign components. Almost 1,000 private sector companies have left Russia, and reports indicate that more than 200,000 Russians, many of whom are highly skilled, have fled the country. All of these costs will compound and intensify over time,” the White House stated.
1945’s New Defense and National Security Columnist, Stavros Atlamazoglou is a seasoned defense journalist specializing in special operations, a Hellenic Army veteran (national service with the 575th Marine Battalion and Army HQ), and a Johns Hopkins University graduate. His work has been featured in Business Insider, Sandboxx, and SOFREP.
