G7 members meet virtually as Biden unveils sweeping new US sanctions on Russia
Written by B87FM on February 24, 2023
WASHINGTON – President Joe Biden and the leaders of the Group of Seven nations reaffirmed their “unwavering support” for Ukraine and its President Volodymyr Zelenskyy Friday, as the Biden administration announced sweeping new sanctions against Russia.
The move by the Biden administration comes on the one-year into anniversary of Russian President Vladimir Putin’s invasion of the former Soviet ally.
The leaders also said Putin would suffer “severe consequences” if he uses nuclear weapons.
“One year ago, the G7 met following Putin’s assault against Ukraine,” Biden wrote in a tweet. “Now, not only does Ukraine stand, but the global coalition in support of Ukraine is stronger than ever, with the G7 as its anchor.”
The G-7 leaders affirmed that they are committed to imposing new coordinated economic actions in the coming days and weeks.
Some of these include:
- Taking actions against third-country actors materially supporting Russia
- Taking steps to limit Russia’s access to equipment and machinery that support the country’s military and manufacturing.
The leaders were also critical of Putin’s decision to suspend Russia’s participation in New START, a strategic nuclear arms reduction treaty between the U.S. and Russia.
“We reiterate that Russia’s irresponsible nuclear rhetoric is unacceptable, and any use of chemical, biological, radiological or nuclear weapons by Russia would be met with severe consequences,” the leaders said in a statement.
What are the new U.S. sanctions against Russia?
The White House said Friday that the United States will impose sanctions on 200 individuals and entities, which include Russian as well as third-country actors in Europe, Asia and the Middle East that are supporting Russia’s war efforts.
A dozen Russian financial institutions will also be targeted.
White House press secretary Karine Jean-Pierre said Thursday that the measures will target “key sectors that generate revenue for Putin,” additional Russian banks, Russia’s defense technology industry and actors in third-party countries trying to evade U.S. sanctions.
In addition, the Department of Commerce will take several export control actions against nearly 90 Russian and third-country companies, including in China, for sanction evasion. Biden also will sign proclamations Friday to raise tariffs on more than 100 Russian metals, minerals and chemical products.
- Friday’s meeting among G-7 nations was the first since Putin suspended Moscow’s participation in New START, a strategic nuclear arms reduction treaty, after Biden’s surprise visit to Ukraine.
- Biden called Putin’s New START decision “a big mistake.”
- Biden announced additional economic, energy and security assistance to help Ukraine, Jean-Pierre said.
- During his unannounced visit to Kyiv on Monday, Biden pledged an additional $460 million in security assistance to the former Soviet ally but has resisted Zelenskyy’s request for F-16 fighter jets.
More:Biden calls Putin’s New START suspension a ‘big mistake.’ What is the nuclear arms treaty?
Through new sanctions and assistance, Biden is out to show that the U.S. and allies will stand with Ukraine for as long as it takes.
Resilience among allies was a major theme of Biden’s speech Wednesday in Warsaw, commemorating the one-year mark of a war that has no end in sight.
“Putin no longer doubts the strength of our coalition,” Biden said. “But he still doubts our conviction. He doubts our staying power. He doubts our continued support for Ukraine.”
Biden said Putin “was wrong” in assuming Ukraine would quickly collapse and NATO would fracture. Now he wants to prove Putin wrong again by demonstrating sustained economic and military support.
Want to know more? Here’s what you missed
‘Big mistake’: Biden calls Putin’s New START suspension a ‘big mistake.’ What is the nuclear arms treaty?
‘It’s hard, but they’re holding on’: On the ground in Ukraine, the war depends on U.S. weapons
‘Kyiv stands strong’:Biden declares Putin ‘was wrong,’ marking one year of Russia’s war in Ukraine
Biden’s surprise:How President Biden pulled off a secret trip to Ukraine one year into Russia’s war
More:Putin suspends nuclear arms treaty as US-Russia tensions build amid Ukraine war anniversary