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5/8/2022 Washington D.C.
President Biden and G7 Leaders met with President Zelenskyy of Ukraine to reinforce our shared commitment to strengthen Ukraine’s position on the battlefield and at the negotiating table.
Our unprecedented sanctions are already exacting an immense toll on Russia’s economy and our export controls have strangled Russia’s access to critical technology and the supply chains it needs to sustain its military ambitions. Putin’s war is projected to wipe out the last 15 years of economic gains in Russia. As a result of our export controls, Russia is struggling to replenish its military weapons and equipment. Russia’s two major tank plants – Uralvagonzavod Corporation and Chelyabinsk Tractor Plant – have halted work due to lack of foreign components. Almost 1,000 private sector companies have left Russia, and reports indicate that more than 200,000 Russians, many of whom are highly skilled, have fled the country. All of these costs will compound and intensify over time.
Putin has failed in his initial military objective to dominate Ukraine – but he has succeeded in making Russia a global pariah. Today, the United States, the European Union and G7 committed to ratchet up these costs by collectively taking further measures, consistent with each partner’s respective legal authorities and processes.
Targeting State-Controlled Media Within Russia That Bolster Putin’s War. The United States will sanction three of Russia’s most highly-viewed directly or indirectly state-controlled television stations in Russia – Joint Stock Company Channel One Russia, Television Station Russia-1, and Joint Stock Company NTV Broadcasting Company. All three stations have been among the largest recipients of foreign revenue, which feeds back to the Russian State’s revenue.
Banning Services that Help Finance Putin’s War and Aid Sanctions Evasion. The United States will prohibit U.S. persons from providing accounting, trust and corporate formation, and management consulting services to any person in the Russian Federation. These services are key to Russian companies and elites building wealth, thereby generating revenue for Putin’s war machine, and to trying to hide that wealth and evade sanctions. This action builds on previous prohibitions to restrict the export of goods related to aerospace, marine, electronics, technology, and defense and related materiel sectors of the Russian economy.
Cutting off Imports of Russian Oil and Reducing Dependence on Russian Energy. The United States has already banned the import of Russian oil, gas, and coal. Today, the entire G7 committed to phasing out or banning the import of Russian oil. This will hit hard at the main artery of Putin’s economy and deny him the revenue he needs to fund his war. The G7 also committed to work together to ensure stable global energy supplies, while accelerating our efforts to reduce dependence on fossil fuels.
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