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Washington (AP) – President Joe Biden An executive order is set to be signed that will give the US Treasury Department the authority to target financial institutions that facilitate Russia’s efforts to boost its defense industry.
The new sanctions authority aims to limit the Kremlin’s effort to replenish the Russian military’s depleted arsenal after nearly 22 months of fighting in Ukraine. According to US assessments, Russia has already lost more than 13,000 pieces of equipment, including tanks, drones and missile systems.
The White House said Biden planned to sign the order later Friday.
“We expect financial institutions to make every effort to ensure that they do not knowingly or unknowingly become facilitators of misappropriation and theft,” Treasury Secretary Janet Yellen said in a statement announcing the order. “And we will not hesitate to use the new tools provided by this authority to take decisive and surgical action against the financial institutions that facilitate the supply of Russia’s war machine.”
The latest effort to step up pressure on Russia comes just weeks after Biden and G-7 leaders met virtually to discuss support for Ukraine as anger grows in Washington over the cost of supporting Kiev in a war There is no end in sight.
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The White House is in talks with key lawmakers to approve more funding for Ukraine. Biden has proposed 110 billion dollar package Wartime assistance to Ukraine, Israel, and other national security priorities. GOP lawmakers have refused to approve the funding unless the White House agrees to major immigration and US-Mexico border policy changes. The Defense Department says it has nearly exhausted the funds available to support Ukraine’s defense.
The G-7 leaders said in a statement after the December 6 meeting that they would work to reduce Russia’s use of the international financial system to pursue its war in Ukraine and “to disrupt Russian military procurement networks and those “We will target those who help Russia acquire machine tools.” Equipment and key inputs.”
“This executive order comes at a critical juncture,” Deputy Treasury Secretary Wally Adeyemo wrote in a Financial Times op-ed published Friday. “By raising the stakes for banks supporting sensitive trade with Russia and continuing to approve new front companies and procurement networks, our alliance is grinding the gears of Russia’s military logistics.”
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