US Expands Sanctions on Russia at G7 Summit, Halts Dollar and Euro Trading on Moscow Exchange

Jun 12, 2024, 04:32 PM

The United States has announced a significant expansion of sanctions targeting Russia, aiming to curb the sale of semiconductor chips and other crucial goods to the country. The new measures, set to be announced at the G7 summit from June 13-15, focus on third-party sellers in China, Hong Kong, and other nations that supply Russia. The sanctions also extend to over 300 individuals and entities, including major Russian financial institutions like Sberbank, VTB, and the National Clearing Center. Treasury Secretary Janet Yellen emphasized the increased risk for financial institutions dealing with Russia. In response, the Moscow Exchange has halted trading in US dollars and euros, a move that has caused widespread concern and long lines at currency exchanges in Russia. The sanctions are part of a broader strategy to weaken Russia's military capabilities amid its ongoing war in Ukraine.