Secretary of State Antony Blinken announced the US has put 250 individuals and entities on blacklists for supporting the Russian invasion of Ukraine. Washington has waged an economic war aimed at destroying the Russian economy for the past 20 months. However, Moscow has largely successfully circumvented the Western financial penalties.
Blinken said in a statement, “The US is imposing sanctions today on over 250 individuals and entities in connection with Russia’s full-scale invasion of Ukraine.” The statement continued, “The Department of State is imposing sanctions on over 100 entities and individuals, including those engaged in sanctions evasion, furthering Russia’s ability to wage its war against Ukraine, and bolstering Russia’s future energy production and export capacity.”
The statement added, “Concurrently, the Department of the Treasury is imposing sanctions on over 150 individuals and entities, including multiple networks used by Russia to circumvent sanctions, numerous third-country suppliers to Russia’s military-industrial base, and additional Russian financial institutions.”
After Russia invaded Ukraine, President Joe Biden announced the US would unleash a sanctions campaign that would cripple the Russian economy. Moscow was able to weather the economic punishment by the US and its allies by increasing trade with China and India.
Last December, the White House and the Group of 7 imposed a $60 per barrel price cap on Russian oil exports. That measure, too, has failed to harm the Russian economy. Bloomberg reports that Moscow reported higher oil revenue in October than in any month during 2021.
The sanctions also targeted North Korea. The State Department said, “As part of this action, we are also designating entities involved in the proliferation of military equipment and munitions from the Democratic People’s Republic of Korea to Russia.”
A consequence of Washington’s effort to isolate Moscow has resulted in Russia forming stronger ties with countries such as North Korea, Iran, China, and India. Russian President Putin recently met with North Korean Supreme Leader Kim Jong Un. The two countries pledged to increase space and military ties.
