(RepublicanPress.org) – Ever since Russia attacked Ukraine, the United States and other countries have been trying to assist in Ukraine’s defense — short of boots on the ground. The support has included funding for Ukraine and sanctions against the country’s aggressor. In his latest effort to stop Russia from its continued attack on the sovereign country, President Joe Biden (D) took further decisive action.
On December 22, Biden signed an Executive Order to amend Executive Order 14024 from April 2021. According to the White House, the move strengthened US sanctions against any witting or unwitting “financial facilitators of Russia’s war machine.” If such an entity supports the warring country, it “risk[s] losing access to the US financial system” entirely.
President Biden signed an executive order giving the Treasury Department the authority to target financial institutions that facilitate Russia's efforts to bolster its defense industry. https://t.co/z23Oew9rp7
— CBS News (@CBSNews) December 22, 2023
The underlying purpose of the order is to take away Russia’s ability to use the international financial system to support and expand its military efforts. Biden’s new order provides more “tools to root out” the networks Russia is using to further its agenda. The Department of the Treasury is charged with coming up with a list of critical items that fall into the banned actions. Any sale, supply, or transfer of anything on that list will result in either “blocking sanctions” or the aforementioned access loss to US accounts.
In addition, the EO addresses diamonds and seafood mined, produced, or harvested in Russia — even if part or most of the production happens in another country. The plan is to make it more difficult for these particular imports to come into the United States from Russia, thereby cutting off an income supply. The details regarding these restrictions are still in the works, and the implementation will happen “in the coming months.”
According to CBS News, Treasury Secretary Janet Yellen said in a statement that the department “will not hesitate to use the new tools provided” to take swift action against any financial institution assisting Russia. Yellen said she expects such entities to take extra precautions to ensure they don’t violate the order.
Copyright 2023, RepublicanPress.org
