US efforts against shutting off technological access to Russia effective: Commerce Secy

The United States and its allies have imposed harsh sanctions on Russia ever since it started its military aggression in Ukraine, including shutting off Russia's access to technological equipment. US Commerce Secretary Gina Raimondo, after returning from the EU-US Trade and Technology Council's meeting on Tuesday stated that the coordinated efforts by the European Union and the United States to shut off Russia's access to technology as a result of its war in Ukraine have been largely successful. Representatives from the EU Commission and the Biden administration agreed to coordinate to reduce the detrimental repercussions of Russia's war in Ukraine on the global economy.

As per the reports of AP News, Raimondo said that cooperative attempts to enact a series of export bans against Russia are having a powerful and significant effect. She claimed that exports to Russia have dropped by 80% for the US since February when Russia invaded Ukraine. She further said that they have basically stopped supplying high-tech to Russia, which is what their military need.

US has imposed further economic sanctions and export bans with G7 allies

In collaboration with its G7 allies, the United States has imposed further economic sanctions and export bans on the country. The Commerce, State, and Treasury Departments of the United States have taken steps to prohibit dealings with certain Russian banks, bankers and television stations, restrict exports of a wide range of US-origin commercial and industrial goods and impose visa restrictions on thousands of Russian military officials as part of the Biden Administration's eighth round of sanctions, according to media reports.

This current wave of sanctions aims to raise the costs of Russia's war

This current wave of sanctions aims to raise the costs of Russia's war in Ukraine by restricting its access to foreign cash, services that could be used to dodge sanctions. While there is no indication that the US will impose a full-fledged embargo on Russia, the gradual tightening of sanctions and export controls, combined with unilateral withdrawals of private sector companies from the country, is gradually isolating major sectors of the Russian economy from the Western economic system. The US has also increased sanctions against Russia's defence and industrial sectors as well as Russian elites.

Image: AP/ Pixabay