G7 to phase out Russian oil, US sanctions Gazprombank execs over Ukraine war

The meeting comes ahead of Russia’s Victory Day celebrations on Monday. Putin calls the invasion a “special military operation” to disarm Ukraine and rid it of anti-Russian nationalism fomented by the West. Ukraine and its allies say Russia launched an unprovoked war.

The United States and Europe have imposed crushing sanctions on Russia since its invasion, targeting banks, businesses and individuals in an attempt to squeeze the Russian economy and limit resources being used to advance the war.

Eight executives from Sberbank, which holds one-third of Russia’s banking assets, were added to the latest US sanctions list. Moscow Industrial Bank and its 10 subsidiaries were also added.

“Taken together, today’s actions are a continuation of the systematic and methodical removal of Russia from the global financial and economic system. And the message is there will be no safe haven for the Russian economy if Putin’s invasion continues,” the official said.

The new export control restrictions were aimed at directly degrading Putin’s war effort, including controls on industrial engines, bulldozers, wood products, motors, and fans. The European Union is moving in tandem with additional controls on chemicals that feed directly into the Russian military effort, the official said.

Limited Liability Company Promtekhnologiya, a weapons maker, was sanctioned, along with seven shipping companies and a marine towing company. The White House also said the Nuclear Regulatory Commission would suspend licenses for exports of special nuclear material to Russia.

The sanctioned television stations are directly or indirectly state-controlled, the White House said, and included Joint Stock Company Channel One Russia, Television Station Russia-1, and Joint Stock Company NTV Broadcasting Company.

Americans will be prohibited from providing accounting, trust and corporate formation, and management consulting services to Russians, though providing legal services is still permissible.