As of: March 1, 2024, 3:47 p.m
By: Bona Hyun
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Hundreds of new US sanctions against Russia are being added.
Biden is targeting Putin allies even more closely.
Will Putin soon be left high and dry?
Washington DC - The USA is not only cutting off Russia, but also Vladimir Putin's business partners.
After the death of Kremlin critic Alexei Navalny, the USA has once again tightened its stance towards Russia.
Putin's allies are increasingly feeling the effects.
US sanctions against Russia are working – Putin's allies are halting business
US Deputy Treasury Secretary Wally Adeyemo has announced further sanctions against Russia in connection with the Western price cap for Russian oil exports to third countries.
The tightening is aimed at “reducing the Kremlin’s revenue while at the same time allowing oil to reach the market,” it said in a statement on Friday (February 23).
Joe Biden's Treasury Department had already imposed sanctions on several tankers from Turkey and the United Arab Emirates (UAE) in November 2023 because violations of the oil price cap were discovered.
Your property located in the United States or money flows using U.S. systems such as the dollar may therefore be confiscated.
The US is imposing new sanctions against Putin supporters – to Russia's anger.
© Evgenia Novozhenina/dpa
Western sanctions are apparently making oil deals more difficult for Putin
Despite the long-lasting oil embargo and a price cap for transport to third countries, Russian oil suppliers had apparently found measures to circumvent it.
But as early as mid-February 2024, there were signs that the sanctions that had already been imposed were making Russian oil deliveries more difficult.
Bloomberg
reported that about half of the 50 oil tankers that the U.S. Treasury Department sanctioned on October 10, 2023 have since stopped loading Russian cargo and have stopped transporting oil.
Bloomberg
cited tracking of individual ship data.
Three major Greek shipping companies had also stopped transporting Russian oil to avoid US sanctions.
These are the Greek shippers “Minerva Marine”, “Thenamaris” and “TMS Tankers”, four traders told
Reuters in November 2023.
Sanctions against Russia: Banks turn their backs on Putin
Russian business in the financial sector will also be restricted.
More and more banks, including China's largest People's Bank, are letting Putin run afoul of him.
Banks in the United Arab Emirates are also following this step: Currently, UAE banks are not accepting money from Russia, a representative of the organization “Delovaya Rossiya” reported to the business newspaper
Vedomosti
.
In addition, they continue to close accounts of companies owned by Russian citizens, including for obscure reasons, he added.
Three businessmen with offices in the UAE confirmed this information.
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The new US sanctions package against Russia will also include, among other things, further measures against the country's financial sector.
The new sanctions could also encourage other banks to stop paying with Russia.
USA adopts new sanctions against Russia – consequences for Putin
For background: The USA had on Friday (February 23rd)
500 new US sanctions announced against Russia.
As a result of the new sanctions, the USA wants to block any assets of those affected in the USA.
US citizens or people who are in the United States are prohibited from doing business with the sanctioned companies and individuals, the US government announced on Friday.
In addition, international business usually becomes significantly more difficult for those affected by the sanctions.
New export restrictions are also planned for almost 100 companies that support Russia's war machine through the back door.
Putin supporters targeted by new sanctions from Biden
The new sanctions also affect people outside Russia "who facilitate, orchestrate, participate in or otherwise support the transfer of critical technology and equipment to Russia's military-industrial base," the ministry said.
These are people and institutions in eleven countries, including China, Serbia, the United Arab Emirates and Liechtenstein.
The US State Department is also sanctioning those who ensure that Russia continues to have significant sources of energy revenue, the US government said.
This money would maintain Russia's ability to continue its war of aggression against Ukraine.
At the same time, it is taking steps to impose visa restrictions on “Russia-appointed alleged authorities involved in the transfer, deportation and detention of children from Ukraine.”
(bohy with dpa)