UK and US sanction more elements of Russian Shipping

TOKYO: Western leaders starting their three-day G7 Summit in Japan announced a broad new wave of sanctions targeting Russia designed they said to further crippler the Russian economy and limit its ability to finance and pursue the war in Ukraine. While much of the shippinginfrastructurehasbeenundersanctionsformore than a year, new elements are being included in the next waveofsanctionswhichalsoincreaseseffortstouchingon the energy, metals, defense, transport, finance, and other sectors. The United States is expanding its efforts into services ranging from architecture to engineering, construction,andmanufacturing.

“Our collective efforts have cut Russia off from key inputs it needs to equip its military and is drastically limiting the revenue the Kremlin receives to fund its war machine,” said Secretary of the Treasury Janet Yellen detailing the U.S. portion of the new initiative. “Today’s actions will further tighten the vise on Putin’s ability to wage his barbaric invasion and will advance our global effortstocutoffRussianattemptstoevadesanctions.”