New US Sanctions to Target Transnational Network Helping Russian Military, Yellen Says

MOSCOW (Sputnik) - US Secretary of Treasury Janet Yellen says the United States will introduce new sanctions against a transnational procurement network that has been involved in the purchase of technologies for the Russian military-industrial complex.

"This is part of our larger effort to disrupt Russia's war effort and deny equipment it needs through sanctions and export controls," Yellen told reporters on the sidelines of the G20 summit in Bali on Monday.

According to media reports, the new sanctions, which will be officially announced later on Monday, will target 14 individuals and 28 entities, including financial facilitators.

At the same time Yellen said ending the conflict in Ukraine is the best way to help the world economy.

"As I’ve said before, ending Russia’s war is a moral imperative. And it remains the single best thing we can do to help the global economy," Yellen said at a Sunday meeting with French Finance Minister Bruno Le Maire, as quoted by the US Treasury Department.

She added that the partnership between France and the United States is crucial in what concerns supporting Kiev.

"We’re doing so [supporting Ukraine] with security assistance, budget support, and a wide range of sanctions. In addition, we’re working closely with each other – and the rest of the G7 – to implement a cap on the price of Russian oil. This policy will put downward pressure on global energy prices while reducing revenues that the Kremlin can use to fund its war," Yellen said.

Since 2021, energy prices in EU countries have been surging as part of a global trend. After the beginning of Russia's military operation in Ukraine and the adoption of several packages of sanctions against Moscow by the West, energy prices have accelerated the growth, pushing many European governments to resort to contingency measures.

Russia launched its special military operation in Ukraine on February 24, after the Donetsk and Lugansk people’s republics appealed for help in defending themselves against Ukrainian provocations. In response to Russia’s operation, Western countries have rolled out a comprehensive sanctions campaign against Moscow.

Economy Commissioner Paolo Gentiloni said on Friday that the European Commission assumes in its new economic forecast for 2022-2024 that sanctions imposed against Russia in response to its military operation in Ukraine will not be lifted before the initial expiry date.