New US sanctions on Russia target 48 defense companies, 328 lawmakers and gold reserves

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President Joe Biden’s administration rolled out new sanctions against Russia on Thursday in response to the country’s ongoing invasion of Ukraine, with the White House saying the United States has now sanctioned more than 600 Russian targets.

The new sanctions include action against 48 major Russian state-owned companies that are part of that country’s defense industrial base and produce weapons that were used in the invasion, the White House said in a statement. Among these companies are Tactical Missiles Corporation, High Precision Systems, NPK Tekhmash OAO, Kronshtadt and Russian Helicopters.

The additional measures also target 328 Duma members and the Duma as a whole, the White House said, referring to the lower house of Russia’s legislature.

In addition, the latest sanctions target Herman Oskarovich Gref – the head of Russia’s largest financial institution, Sberbank, and longtime adviser to Russian President Vladimir Putin – as well as 17 members of the board of Sovcombank, the oligarch Gennady Timchenko, Timchenko’s companies and his family members. .

The US Treasury Department has issued new guidance on GC00 gold,
+1.33%
transactions, saying in a statement that the move is expected to blunt the Russian central bank’s ability to deploy international reserves – and clarifying that “any transaction involving GLD gold,
+0.79%
linked to the Central Bank of the Russian Federation is covered by the existing sanctions.

The Biden administration had signaled earlier in the week that more sanctions would be rolled out during the president’s trip to Europe, saying the new measures would target individuals and entities. Biden and other NATO leaders met Thursday morning in Brussels, followed by a G7 summit and a summit with European Union leaders. The president must hold a press conference after the meetings.

“Today’s creation of four new Battlegroups in Slovakia, Romania, Bulgaria and Hungary is a strong signal that we will collectively defend and protect every square inch of NATO territory,” Biden said in a released statement. after the NATO meeting.

Related: Biden and Western allies begin first of three summits on Russian war in Ukraine

The administration also announced new humanitarian assistance on Thursday, saying the United States stands ready to provide more than $1 billion in additional funding for food, shelter, clean water, medical supplies and supplies. other forms of assistance to Ukraine. There will also be “an additional $320 million in funding for democracy and human rights in Ukraine and its neighbors,” the White House statement read.

SPX US Stocks,
+0.98%

DJIA,
+0.74%
advanced on Thursday as traders followed Western leaders’ discussions of Russia’s attacks on Ukraine.

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