Jarrett Renshaw, Daphne Psaledakis

BRUSSELS/WASHINGTON – The United States and its allies have imposed new sanctions against Russia on Thursday. They targeted dozens of Russian defense firms, hundreds of Russian parliament members, and the chief executive officer of Russia’s biggest bank, as Washington intensifies its pressure on Moscow for its invasion in Ukraine.

U.S. Treasury Department posted guidance to its website warning of sanctions against Russia for gold transactions that involve Russia. The move was made in order to prevent Russia from getting around existing sanctions.

A senior official in administration stated that “Our goal here is to methodically eliminate the benefits and privileges Russia used to enjoy as a participant”

Since Russian forces attacked Ukraine one month ago, the United States and its allies have placed several rounds of sanctions on the country.

Moscow refers to the offensive as “a special operation” that aims at disarming and “denazifying” its neighbour.

More than 40 defense firms are among the targets of the sanctions, which includes the state-owned Tactical Missiles Corp, 28 companies to whom it is connected, and its general director. The U.S. Treasury Department released a statement.

The Treasury stated that Washington’s actions aligned to similar steps taken by Canada and the United Kingdom.

The Treasury said the conglomerate, which Britain has already hit with sanctions, produces naval systems and weapons that Russia is using against Ukraine, including the Kh-31, a high-speed airborne guided missile that has been employed extensively in Moscow’s offensive.

Others on the list are manufacturers of ammunition for Russian military and civilian helicopters and drones. The Treasury stated that these devices were initially intended for surveillance and have since been “repurposed”, and can be used to attack Ukrainian forces.

Additionally, sanctions were imposed by the Treasury on the Duma (Russia’s Parliament) and Herman Gref, head of Russia’s biggest lender, Sberbank. The Treasury claimed that Gref was close to Putin.

According to the White House, Thursday’s attack on Sovcombank was also directed at Gennady and 17 Sovcombank directors. This is a long-standing ally for Putin, his companies, and his family.

According to the official, the United States had warned Putin of swift and serious consequences for a possible invasion of Ukraine. They have fulfilled that threat. The official noted that the country is facing punishing inflation and economic pain that will push it out of the world’s top 20 economies.

“Russia will soon face an acute shortage of ideas, talent and technology to compete in the 21st century, and Putin will be left with a strategic failure of his own making,” the official said.