The United States has rallied the world to stand with Ukraine in response to Russia’s brutal invasion. Together with our allies and partners, we have put in place the largest set of sanctions and export control actions ever imposed on a major economy to undercut Russia’s ability to wage war, and to hold Russia accountable for attempting to conquer its neighbor by force and subjugate its people. Today, President Biden will sign an Executive Order to continue tightening the screws on Russia’s war machine and its enablers.
To date, our sanctions and export control actions have significantly degraded Russia’s ability to replace the equipment, materials, and technology it needs to fuel its aggression. They have cut into Russia’s financial resilience, forcing Russia to turn to rogue regimes for supplies and make difficult decisions to resource its military spending. And importantly, our measures have also been tailored and targeted to avoid unintended harm for the world economy.
These new sanctions authorities will make clear to foreign financial institutions that facilitating significant transactions relating to Russia’s military industrial base will expose them to sanctions risk. We are sending an unmistakable message: anyone supporting Russia’s unlawful war effort is at risk of losing access to the U.S. financial system.