US Treasury sanctions 22 individuals, 83 entities supporting Russia

The US Treasury Department announced Friday it sanctioned 22 individuals and 83 entities over Russia's war on Ukraine.

The Treasury said the entities and individuals sanctioned operate in industries that support Russia's war, which include firms that produce or import specialized, high-technology equipment used by Russian defense entities and companies that make advanced materials used in Russian weapons systems.

It said the war in Ukraine will have significant and long-lasting consequences for Russian economy and defense base, adding the US will continue to impose costs on Russia as long as the war continues.

"Over the past year, we have taken actions with a historic coalition of international partners to degrade Russia's military-industrial complex and reduce the revenues that it uses to fund its war," Treasury Secretary Janet Yellen said in a statement. "Our actions today with our G7 partners show that we will stand with Ukraine for as long as it takes."

The sanctions include a total of 11 banks operating in the financial services sector of the Russian economy, companies that offer wealth management, and individuals that play key roles in Russia's financial services sector.

The Treasury said it is also targeting entities and individuals that try to evade the sanctions, in addition to arms dealers supporting Russia and Belarus.

The sanctions also include a Russian businessman, Aleksandr Yevgenyevich Udodov -- the former brother-in-law of Russian Prime Minister Mikhail Mishustin -- who is tied to illicit financial activity and 14 companies that he controls.

Some sanctions target Russia's military supply chains, such as entities that produce carbon fiber and related advanced materials, those that operate in Russia's aerospace sector, individuals operating in Russia's technology and electronics sectors.

The US has also expanded the scope of its sanctions to Russia's metals and mining sector.

This allows the Treasury Department to impose sanctions on any individual or entity determined to operate, or have operated, in those sectors.

The agency said it has already designated four entities in Russia's metals and mining sector.

- US tariffs imposed on Russian aluminum

In addition, US President Joe Biden issued Friday a proclamation adjusting imports of aluminum from Russia in to the US.

The US will begin on March 10 to impose a 200% tariff on aluminum articles and their derivatives that are products of Russia.

Moreover, from April 10 onwards, a 200% tariff will be imposed on aluminum articles for any amount of primary aluminum used in the manufacture of the aluminum articles is smelted and are cast in Russia and their derivatives.

"Russia is among the major exporters of aluminum to the United States for domestic consumption ... Russia remains the fifth largest source of imported aluminum in the United States, and the imports of aluminum from Russia have increased in both 2021 and 2022," Biden said in a statement.

"Distortions that result from overcapacity threaten market-oriented aluminum industries and Russia's aluminum industry in particular is extremely export oriented, with Russia being the largest exporter of unwrought aluminum in 2021 and Russian domestic consumption accounting for just 22 percent of Russian production across 2021 and 2022," he added.

The US' imports of Russian aluminum increased by 53% between March and July 2022, Biden noted.

Biden also announced additional tariff increases on a variety of goods from Russia, raising tariffs on most metal and metal products to 70%, and tariffs on additional Russian products to 35%.