WASHINGTON, Feb 24 (PTI): On the occasion of one year of the raging war in Ukraine, leaders of G7 countries will announce the establishment of the Enforcement Coordination Mechanism headed by the US against Russia, the White House said on Friday.
US President Joe Biden will host a virtual meeting with G7 leaders for a discussion on Russia’s war against Ukraine and their collective effort to hold Russia accountable for it.
“To counter Russia’s attempt to circumvent G7 measures to date, leaders will support the establishment of an Enforcement Coordination Mechanism, which will be chaired by the US in the first year,” the White House said.
To ensure Russia pays for Ukraine’s long-term reconstruction, G7 countries will continue to keep Russia’s sovereign assets immobilised until there is a resolution to the conflict that addresses Russia’s violation of Ukraine’s sovereignty and integrity, it said.
New commitments on imposing economic pressure measures against Russia’s energy, extractive, financial, defence, and industrial sectors also will be endorsed by G7 leaders during the meeting.
To ensure Russia pays for Ukraine’s long-term reconstruction, G7 countries will continue to keep Russia’s sovereign assets immobilised until there is a resolution to the conflict that addresses Russia’s violation of Ukraine’s sovereignty and integrity, the White House said.
New commitments on imposing economic pressure measures against Russia’s energy, extractive, financial, defence, and industrial sectors also will be endorsed, it said.
On the one-year anniversary of Russia’s invasion, the US is announcing a series of additional sweeping sanctions against key revenue-generating sectors in order to further degrade Russia’s economy and diminish its ability to wage war against Ukraine.
“This will result in sanctions being imposed on over 200 individuals and entities, including both Russian and third-country actors across Europe, Asia, and the Middle East that are supporting Russia’s war effort,” the White House said.
As part of this announcement, the US will target a dozen Russian financial institutions, in alignment with allies and partners, as well as Russian officials and proxy authorities illegitimately operating in Ukraine, it said.
“We will sanction additional actors tied to Russia’s defence and technology industry, including those responsible for backfilling Russian stocks of sanctioned items or enabling Russian sanctions evasion,” the White House said.
The Department of Commerce will take several export control actions, listing nearly 90 Russian and third-country companies, including in China among other countries, on the Entity List for engaging in sanction evasion and backfill activities in support of Russia’s defence sector.
“These listings will prohibit the targeted companies from purchasing items, such as semiconductors, whether made in the US or with certain US technology or software abroad,” the White House said.
Commerce will also take action alongside G7 partners and allies to align measures on industrial machinery, luxury goods, and other items, as well as issue new restrictions to prevent components found in Iranian drones from making their way onto the battlefield in Ukraine.
Further President Joe Biden will sign proclamations to raise tariffs on certain Russian products imported to the United States, building on previous efforts to strip Russia of its international trade privileges.
“These measures are designed to target key Russian commodities generating revenue for the Kremlin while reducing US reliance on Russia,” the White House said.
These measures are carefully calibrated to impose costs on Russia while minimising costs to US consumers, it said, adding that these actions will result in increased tariffs on more than 100 Russian metals, minerals, and chemical products worth approximately USD 2.8 billion to Russia.
“It will also significantly increase costs for aluminium that was smelted or cast in Russia to enter the US market in order to counter harm to the domestic aluminium industry, which is being squeezed by energy costs as a result of Russia’s invasion of Ukraine,” it said. PTI LKJ PY