U.S., G7 Partners Impose New Sanctions on Moscow Ahead of Russia’s Victory Day

A senior administration official Sunday announced a new round of sanctions against the Russian Federation in response to Ukraine’s invasion.

The sixth round of sanctions by the G7 countries of the U.S., Canada, France, Germany, Italy, Japan and Great Britain landed the day before Russia’s Victory Day observance of the World War II win over Nazi Germany.

The official said the countries hope to limit Russia’s access to goods and services needed to replenish and restock its military capabilities, strengthening Ukraine’s position on the battlefield and at the negotiating table. The sanctions target large accounting firms, Russia’s largest TV stations, management consultants, industrial engines, bulldozers, supporting Russian disinformation and oil.

“No export is more important to Putin than oil; it’s the main artery of his economy,” declared the official. “And, the [European Union] is now on the cusp of joining the U.S., Canada and the UK in cutting off this trade.”

Since energy-starved countries like China and India continue to buy large volumes of Russian oil, it is not clear how much of an impact that will have on Russia’s economy. And, the EU’s ability to sanction Russian oil is questionable since all member states need to agree. Hungary and Slovakia rely almost exclusively on Russian oil and continue to frustrate EU desires in that direction. The two countries are aware of their leverage and seem determined to get as much as they can from their fellow EU partners as they can.

Russia has considerable leverage over Europe because of its vast reliance on natural gas piped in to fuel factories and heat homes. Yet, Russian President Vladimir Putin has said countries must start paying for their gas with rubles, beginning this month, or get cut off for non-payment. An ANI report indicates Russia will shift much more gas volume to Asian countries like China and India, which would negate any loss from cutting off countries like Germany and France.

The previous five rounds of sanctions, along with worldwide confiscation of money and property has had no discernible effect on Putin’s resolve. The conflict, in fact, seems to become more vicious by the day with increased deaths and infrastructure damage.