US and allies tighten sanctions on Russia

US Deputy Secretary of the Treasury Wally Adeyemo. (Photo: Reuters)

On February 21, US Deputy Secretary of the Treasury Wally Adeyemo said this week, Washington and its allies will impose new sanctions against Russia to pressure Moscow to end its special military campaign in Ukraine.

Speaking at the Council on Foreign Relations in Washington, Deputy Minister Adeyemo said a group of 30 countries would seek to block Russia from buying dual-use goods (which can be used for both civilian and military purposes) such as air conditioners to limit the supply of semiconductor chips needed by Moscow.

The new sanctions also aim to tighten restrictions on the transport of oil and other restricted goods through countries that border (Russia).

The US Deputy Secretary of the Treasury stated that with the size of the participating group of 30 countries, accounting for more than 50% of the global gross domestic product (GDP), the new sanctions package will continue to isolate Moscow.

He said the group would warn companies and financial institutions in each country about the consequences of violating sanctions, noting that the US and its partners have prepared many economic tools to act when necessary, not excluding the possibility of banning companies and banks from participating in markets and financial systems in these countries.

In a related development, Reuters (UK) news agency cited an internal document of the European Union (EU) saying that 12 member countries, including France, Germany and Italy, called on the EU to prevent companies and third countries from "evading" sanctions against Russia by using trade relations with the EU or access to the common market as a trade-off.

This is a preparatory document for upcoming discussions between representatives of the governments of the 27 EU member states on the 10th package of sanctions against Russia.

Since Russia launched a special military operation in Ukraine in February 2022, Western countries have imposed many sanctions on Moscow, with the aim of isolating the country economically.

However, in his 2023 Federal Message read before the Russian Parliament on February 21, Russian President Vladimir Putin affirmed that the country's economy is still standing firm and stronger than the West expected.

He declared that Russia has all the financial resources necessary to ensure national security and development despite economic sanctions.

According to Vietnam+