President Joe Biden briefly previewed the new restrictions, which specifically target Russia's metals and mining industries, during his recent trip to Europe. He also virtually convened the leaders of the G-7 Friday morning to discuss the new sanctions.Administration officials called the package some of the"most significant sanctions actions to date," and say it is specially designed to undercut the firms and companies helping Russia evade sanctions over the past year.
The package itself raises tariffs on previously designated Russian products from 35% ad valorem up to 70%, and added nearly 90 Russian and third-country firms to the sanctions list. The Biden administration had previously targeted more than 2,000 Russian individuals and entities, including Russian President Vladimir Putin, his family, and the bulk of Russia's oligarchy, in response to the war in Ukraine.
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