The Department of the Treasury will have full powers to sanction foreign institutions that support Russia's military. This authority was granted by an executive order that Joe Biden signed Friday.
Treasury Secretary Janet Yellen confirmed the measure on X (formerly Twitter):
The U.S. and our global coalition have placed historic sanctions and export controls that have restricted Russia’s ability to wage its brutal war against Ukraine. Over nearly two years, our sanctions have weakened the Russian economy and undermined the Kremlin’s war effort. https://t.co/2RNI6oeg4I
— Secretary Janet Yellen (@SecYellen) December 22, 2023
With two days left until the war in Ukraine enters its 23rd month, the purpose of this executive order is to prevent Russia from replenishing its arsenal and continuing its offensive against Kiev. In statements reported by CBS News. Jake Sullivan, advisor to the Department of Homeland Security (DHS), assured that those who help Vladimir Putin's regime could risk "losing access to the U.S. financial system":
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.
As reported by EFE in November, the Kremlin will allocate nearly $50 billion more to its military budget next year, going from the $66.73 billion used in 2023 to approximately $111 billion in 2024. With the executive order signed this Friday by President Biden, Putin will have to look for other ways to finance his military efforts.
