US imposes sanctions on over 400 companies accused of supporting the Russian war effort

The United States on Friday imposed new sanctions on more than 400 companies accused of supporting Russia in its war with Ukraine.

The sanctions were announced a day before Ukraine's Independence Day and target companies in Russia, Europe, Asia and the Middle East. They are accused of helping Russia evade US sanctions and enabling the war in Ukraine, according to a press release from the US Treasury Department.

The Biden administration has also added 123 companies to the U.S. Export Control List, which requires suppliers to obtain licenses before delivering goods to listed companies. The companies added on Friday include 42 Chinese and 63 Russian firms, according to a notice published in the Federal Register.

The United States has repeatedly warned Beijing against supplying Moscow with machinery and technology that supports Russia's military-industrial base and its large-scale invasion of Ukraine.

China says it has not supplied weapons to Russia for its war in Ukraine, but defends so-called normal trade between Beijing and Moscow.

The US Treasury Department also warned “foreign regulators and financial institutions” against doing business with foreign branches or subsidiaries of Russian financial institutions, including those that are not subject to sanctions.

“The Treasury has a number of tools at its disposal to respond to the establishment of new circumvention channels,” the statement continued.

By imposing new sanctions, the Treasury Department is “continuing the implementation of commitments” made by President Joe Biden and his counterparts from the Group of Seven leading industrialized nations to “disrupt the supply chains and payment channels of Russia's military-industrial base,” said Deputy Treasury Secretary Wally Adeyemo, quoted in the Treasury statement.

“Companies, financial institutions and governments around the world must ensure that they do not support Russia’s military-industrial supply chains,” he said.

Some information for this report comes from Associated Press and Reuters.