(Bloomberg) – President Joe Biden’s administration plans to impose new export controls and a new round of sanctions on Russia targeting key industries, a year after Vladimir Putin began his invasion of Ukraine.
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The measures target Russia’s defense and energy sectors, financial institutions and several individuals, according to people familiar with the matter, who spoke on condition of anonymity. The US and its allies are also expected to focus on preventing sanctions evasion and circumvention – and disrupting the support Russia receives from third countries.
White House National Security Council spokesmen did not immediately comment.
US and European leaders are preparing for a conflict that could stretch far into the future as Ukraine’s allies rush to supply weapons that will repel intensified Russian attacks on the eastern and southern fronts – and would enable a Ukrainian counter-offensive in the spring.
Read more: Russia’s War in Ukraine: Key Events and How It’s Evolving
As part of the increased effort, the European Union could force banks and other institutions to report sanctioned Russian assets they hold as part of a new package of measures the bloc also plans to approve next week. EU sanctions require the support of all member states.
The EU package includes proposals to also impose restrictions on Iranian entities that appear to supply Russia with drones and other military items, as well as sweeping trade controls on other items used by the Russian military, including technology, components, heavy vehicles, electronics and rare-earth goods.
The G7 nations and the EU also want to increase their cooperation on sanctions enforcement. The aim is to increase pressure on companies that may help Russia circumvent the effects of sanctions, tighten existing measures, increase diplomatic pressure on nations that may help Moscow, and examine future measures and penalties to interrupting the flow of military supplies.
A year on from Russia’s war in Ukraine and with several sanctions packages now approved, there will be a renewed focus on enforcing existing restrictions, including the mandatory nations that have not passed the measures, as well as the companies that are supposed to implement the people said.
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