US plans to impose new export controls and fresh round of sanctions on Russia

Washington: A year after Russia invaded Ukraine, the US along with its allies kept imposing sanctions and trying everything to isolate the country. In its latest attempts to target Russia economically, the US is planning to impose new export controls and a fresh round of sanctions, aiming to target Russia’s key industries.

The move aims to target Russia’s defence and energy sectors, financial institutions and the support the country received from other countries.

As part of the increased efforts, the European Union may force banks and other institutions to report sanctioned Russian assets they hold as part of a new package of measures the bloc aims to also approve next week. EU sanctions require the backing of all member states, Bloomberg reported.

The EU package includes proposals to also impose restrictions on Iranian entities seen to be providing Russia with drones and other military supplies, as well as extensive trade controls on other goods used by Russia’s military, including technologies, components, heavy vehicles, electronics, and rare-earths.

The EU has earlier imposed various sanctions against Russia in response to the invasion of Ukraine last year. These sanctions include targeted restrictive measures (individual sanctions), economic sanctions and visa measures among others.

European Union lawmakers have condemned the International Olympic Committee’s decision to set out a path for some athletes from Russia and Belarus to try to qualify for the 2024 Paris Games.

In a resolution adopted Thursday by 444 votes in favour, 26 against and 37 abstentions, EU legislators said allowing them to compete under a neutral flag “runs counter to those countries’ multifaceted isolation and will be used by both regimes for propaganda purposes.”

The IOC has argued that it would be discriminatory to exclude Russia and ally Belarus from sports ahead of the Paris Olympics. With qualifying in many sports already underway, the IOC wants athletes from those countries to compete in a neutral capacity without national symbols.

Lawmakers also asked member states to seriously consider sending fighter jets to Ukraine and said Russian assets frozen by the EU should be used to rebuild Ukraine. They also asked for broadened sanctions against Moscow and demanded that accession talks for Ukraine’s EU membership start this year.

With inputs from agencies.

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