US Treasury Imposes Sanctions on Russian Mining Industry

On Friday, the US Treasury imposed new sanctions on Russian banks and targeted Russia’s mining and mining sector, with more than 30 individuals and companies from Switzerland, Germany and other countries prosecuted for helping Moscow finance its war against Ukraine, which has entered its second year.

The ministry said in a statement that the new sanctions, announced on the first anniversary of the Russian invasion, target 22 Russian personalities and 83 entities, in a move that Washington says would contribute to Russia’s further isolation from the global economy.

“Our sanctions have had a short-term and long-term impact, which can be seen in particularly in Russia’s difficulties in replenishing its weapons stockpiles and insulating its economy,” US Treasury Secretary J Yellen said in the statement.

The statement added that the latest measures are aimed at “hindering the ability of President Vladimir Putin’s regime to raise funds to support the war” by targeting banks, asset management firms and figures in Russia’s financial services sector.