US blacklists 120 Russian, Belarusian firms for acting against national security interest

In retaliation to the Russian invasion of Ukraine, the United States Department of Commerce has stated on Friday that it is adding nearly 120 Russian and Belarusian firms to its trade blacklist. It is to be mentioned that export-related penalties have been enforced by the US Commerce Department on 120 Russian and Belarusian firms in the defence, aerospace, and marine sectors, Tass reported.  

According to a notice in the Federal Register, the department asserted, “In response to the Russian Federation's (Russia's) further invasion of Ukraine on February 24, 2022, the Department of Commerce is amending the Export Administration Regulations (EAR) by adding 120 entities under 120 entries to the Entity List.” The notice further stated that the US government has determined that these 120 entities are acting against the US' national security interests or foreign policy, and they would be registered on the Entity List under the Belarus and Russia destinations, ANI reported.  

Furthermore, as per a press release from the US Commerce Department, the Bureau of Industry and Security (BIS) of the department has taken these additional actions to weaken Russian and Belarusian defence, aerospace, marine, and other vital sectors due to the commencement of the Russia-Ukraine war. 

BIS has issued a final regulation that adds 120 new entities to the Entity List

The BIS has issued a final regulation that adds 120 new entities to the Entity List. According to the release, for obtaining and trying to acquire commodities subject to the EAR in support of Belarus' and Russia's armies, 95 entities are being listed as military end-users underneath the destinations of Belarus (with 24 entities) and Russia (with 71 entities). "25 entities also are being added under the destination of Russia for acquiring and attempting to acquire items subject to the EAR in support of Russia’s military modernization efforts," the release added. 

In addition to this, Secretary of Commerce Gina M. Raimondo said, “Vladimir Putin’s decision to attack Ukraine has isolated his country and economy from global commerce, and today’s action furthers that isolation by adding 120 Russian and Belarusian parties in the aerospace, maritime, and defence sectors to the Entity List,” as per the release.  

OFAC issued sanctions targeting Russian elites, oligarchs, politicians

Meanwhile, earlier in the month of March, the Office of Foreign Assets Control (OFAC) of the US Treasury Department had issued a series of sanctions targeting Russian elites, oligarchs, as well as political and national security officials who supported Moscow's assault on Ukraine. Designating regime elites and corporate executives who are allies and accomplices of the Russian government, including three family members of President Vladimir Putin's spokesperson, Dmitriy Peskov, was among the steps. In a press statement, the OFAC said that sanctions had been implemented against Russian business mogul and Kremlin insider Viktor Vekselberg, as well as the Management Board of the sanctioned VTB Bank. 

(Image: AP)