The International Trade Council (ITC) expresses full support for the United States and other G7 partners' decision to intensify global sanctions against the Russian Federation. As an advocate for equitable and responsible global trade, the ITC recognizes the significance of these sanctions administered by the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) in curbing Russia's aggression against Ukraine.
In the face of President Putin's unjust war against Ukraine, the international community has rallied together to support Ukraine and disrupt Russia's military capabilities. The new sanctions, impacting over 300 individuals and entities, are a bold, coordinated response that effectively targets Russia's military-industrial supply chains, circumvention and evasion tactics, and future energy revenues.
Secretary of the Treasury Janet L. Yellen's commitment to "further tighten the vise on Putin’s ability to wage his barbaric invasion and to cut off Russian attempts to evade sanctions" is strongly supported by the ITC. As the restrictions reach over 20 countries or jurisdictions, they will constrict Russia's ability to access critical technology, impair its future energy extraction capabilities, and disrupt its financial services sector.
We commend the collaborative efforts of the U.S. Department of State, Treasury’s Financial Crimes Enforcement Network (FinCEN), and Commerce’s Bureau of Industry and Security (BIS). Their joint initiative to issue supplemental alerts and inform financial institutions about potential Russian export control evasion demonstrates the effectiveness of cooperative global measures against unethical and destructive activities.
The decision to expand the sanctions to new sectors of Russia's economy and the prohibition on specific services from the U.S. or by U.S. persons to Russia, in accordance with the G7 Leaders’ commitment, is a key measure to debilitate Russia's military-industrial base. It represents an assertive stance against aggression and in support of global peace.
The transparency regarding Russia's immobilized assets, as amended in Directive 4 under E.O. 14024, is crucial in maintaining the international community's awareness of the Russian Federation's economic movements. This aligns with the G7 Leaders' commitment to fully map holdings of Russia's sovereign assets, a critical step in holding Russia accountable for the damage caused to Ukraine.
In line with the G7 Leaders' call, the ITC urges all international actors to cease providing material support to Russia's war efforts or risk facing severe costs. We commend these bold measures that signal the international community's firm stance against aggression and commitment to upholding international law.
The ITC stands with the international community in the collective effort to safeguard peace and stability in Ukraine and worldwide.