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Business News/ News / US announces 'severe' sanctions on Russia over annexation on Ukraine territory
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US announces 'severe' sanctions on Russia over annexation on Ukraine territory

As Russia announced the annexation of two Ukrainian territories, the United States declared ‘severe’ sanctions on the country

Russian President Vladimir Putin (AFP)Premium
Russian President Vladimir Putin (AFP)

The United States on Friday announced "severe" new sanctions against Russian officials and the country's defense industry. The sanctions were announced in response to Russia's declaration that it has annexed four areas of neighboring Ukraine where it has been waging war since February 2022.

"The United States is imposing swift and severe costs on Russia," the White House said in a statement. It also announced that G7 allies support imposing "costs" on any country that backs the Kremlin's attempt to incorporate the Ukrainian regions.

According to a report, the United States announced sanctions on more than 1,000 people and firms connected to Russia’s invasion of Ukraine. The US put sanctions on the Russian Central Bank governor and families of Security Council members. The sanctions came after President Vladimir Putin signed treaties absorbing occupied regions of Ukraine into Russia.

Vladimir Putin warned that Russia would never give up the absorbed regions —the Donetsk, Luhansk, Kherson and Zaporizhzhia regions— and would protect them as part of its sovereign territory.

The Treasury Department named hundreds of members of Russia's legislature, leaders of the country's financial and military infrastructure and suppliers for sanctions designations. The Commerce Department added 57 companies to its list of export control violators, and the State Department added more than 900 people to its visa restriction list.

Meanwhile, Ukraine's President Volodymyr Zelensky has said that with Russia's announcement to absorb the occupied nations into Russia, his nation was making an “accelerated" bid to join the NATO military alliance.

After Vladimir Putin's announcement, US President Joe Biden said, "Make no mistake: These actions have no legitimacy." He said the new financial penalties will impose costs on people and companies inside and outside of Russia “that provide political or economic support to illegal attempts to change the status of Ukrainian territory."

“I look forward to signing legislation from Congress that will provide an additional $12 billion to support Ukraine," Joe Biden said.

(With agency inputs)

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Updated: 30 Sep 2022, 10:51 PM IST
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