US Expands Its Sanctions on Russia

  • 14 Jun 2024

On June 13th, 2024, the United States significantly expanded its sanctions on Russia, notably targeting China-based companies that supply semiconductors to Moscow. This move is part of a broader strategy to weaken the Russian military operations in Ukraine.

Key Points

  • The United States has implemented new sanctions against more than 300 individuals and firms accused of aiding Russia’s war effort in Ukraine, including entities in China, South Africa, the United Arab Emirates and Turkey.
  • Entities: The targeted entities include the Moscow Exchange, which runs Russia’s largest public markets for equities and foreign exchange products, UAE-based firm Red Coast Metals Trading, and Chinese companies Hangzhou Keming Intelligent Technology and Shandong Oree Laser Technology.
  • Financial Institutions: US also targeted Russia’s financial infrastructure, in an attempt to limit the amount of money flowing in and out of Russia.
  • Secondary Sanctions: US will also broaden its definition of “military-industrial base” to apply so-called secondary sanctions to foreign financial institutions that do business with any sanctioned entities.
  • Individuals: The U.S. has sanctioned more than 4,000 Russian businesses and individuals since the war began, in an effort to choke off the flow of money and armaments to Moscow.
  • China Opinion: China said it firmly opposed the sanctions and would safeguard the rights and interests of its companies and citizens.