The US administration launched a flurry of moves against Russia, penalizing people it claims support Russia’s defense industrial base, designating Russian military units for human rights violations in Ukraine, and imposing a restriction on new Russian gold imports.

The actions are the most recent in reaction to Russia’s months-long war in Ukraine, and they came after G7 leaders in Germany agreed to steps aimed at weakening Moscow, including a gold import restriction.

The US Treasury Department announced sanctions on 70 entities, including State Corporation Rostec and its key holdings and affiliates, as well as 29 Russian individuals, in a statement.

Among the new sanctions are:

• A prohibition on the supply of US services to Russia, such as accounting and management consulting.
• There will be no more US advertising or broadcasting equipment sales to three Kremlin-controlled television networks.
• Export prohibitions on technology such as industrial engines, bulldozers, and other products may be employed by Russian defense companies.
• Another 2,600 Russian and Belarussian citizens, including military officials and executives from Sberbank and Gazprombank, face visa restrictions.
• The United States is following in the footsteps of the United Kingdom, which announced a similar restriction on services last week. The two nations supply the vast majority of services such as accounting and management consulting to Russian firms.

Which products are banned?

Some sanctions are prohibiting imports of essential Russian items, notably vodka, and prohibiting exports of high-end commodities to Russia.

According to the order’s language, the executive action prohibits imports from crucial areas of Russia’s economy, such as seafood, vodka, and nonindustrial diamonds.

According to the White House, this measure will restrict more than $1 billion in Russian money and assist guarantee that American individuals are not “underwriting” President Vladimir Putin’s war in Ukraine.

The decree also prohibits the United States from sending “luxury products” to anybody in Russia. High-end watches and outfits, jewelry, top-shelf booze, and luxury automobiles are among the items that figure prominently in the lifestyles of Russia’s mega-rich oligarchs.

When will the US lift its sanctions?

The Russian economy is collapsing under the weight of financial and trade sanctions, export limits, and the departure of nearly 1,000 US and global corporations. Analysts predict a double-digit loss in Russian GDP, skyrocketing inflation of almost 20, and Putin’s war wiping out Russia’s previous 15 years of economic advances.

Today’s actions by the US administration add to the broad economic sanctions placed on Russia to hold it accountable for its unwarranted conflict in Ukraine. So far, the US has added 1,000 people to Treasury’s Specially Designated Nationals and Blocked Person List and over 300 people to Commerce’s Entity List. It is not yet clear when the sanctions will be lifted.

Where do the sanctions target?

Foreign Secretary Liz Truss announced sanctions on 370 individuals, including 51 oligarchs and their family members. This new set of oligarchs, which includes businesspeople Mikhail Fridman, Petr Aven, and German Khan, is believed to be worth more than $130 billion.

The sanctions also target Putin’s supporters, such as Prime Minister Mikhail Mishustin, Defense Minister Sergei Shoigu, and former Russian President Dmitry Medvedev, as well as distributors of pro-Kremlin propaganda, such as Putin’s press secretary and the foreign ministry spokeswoman.