The United States will impose further sanctions on Russia, as it looks to the finance sector and Moscow's ability to produce energy, the U.S. State Department's head of sanctions coordination said on Wednesday.
In prepared testimony to the Senate Foreign Relations Committee, James O'Brien said Washington is working with allies and partners to quickly impose severe economic costs on Moscow over "sham” referendums held by Russia in occupied regions of Ukraine.
O'Brien said he expects that the Biden administration's pace of announcing sanctions on Russia on average every six weeks will continue, as Washington continues to focus on choke points in the Russian economy and its military supply chains.
"There will be more packages. We are working on more sanctions,” O'Brien told the committee.
"Everything is on the table,” he said, adding that Washington would look to the financial sector and high technology, especially for energy exploitation, and human rights violators.
Previous sanctions include the choking off Moscow's imports of cutting edge technologies like semiconductors, sensors, and navigation that are expected to hurt Russia's long term ability to produce fossil fuels like oil.
Moscow was poised on Wednesday to annex a swath of Ukraine, releasing what it called vote tallies showing support in four partially occupied provinces to join Russia, after what Kyiv and the West denounced as illegal sham referendums held at gunpoint.
Russian-backed authorities claim to have carried out the referendums over five days on territory that makes up around 15% of Ukraine.
The United States has imposed several tranches of sanctions targeting Moscow following Russia's invasion of Ukraine in February, which has reduced cities to rubble and killed or wounded thousands.
But senators pressed O'Brien and Elizabeth Rosenberg, Treasury Assistant Secretary for Terrorist Financing and Financial Crimes, on U.S. sanctions on Russia's energy sector.
Washington and its G7 partners have said they will put a price cap on Russian oil in place, but has held back from directly targeting major Russian energy companies over concerns about energy prices and supply.
"The largest source of hard currency that Russia has now is from energy sales,” Rosenberg said.
"It's in energy where we must focus our attention in order to deny Russia that revenue.”
O'Brien warned that it was time for India, which has been buying large amounts of Russian oil, more than it did before the Feb. 24 invasion, to reconsider where it is positioning itself geopolitically.
While India's purchases have been at discounts, the heavy volumes have been helping Moscow's economy. The United States and other G7 countries hope India will join a plan to place a price cap on Russian oil by December to further decrease Moscow's revenues from oil exports, which help fund its war machine.
O'Brien also said Washington will continue working with China to ensure it understands U.S. sanctions and the effect they have on China's engagement with Russia.
As Western nations have shunned Russia, Moscow has put emphasis on cooperation with China. The two nations have increased their trade and Russian companies have started issuing debt in yuan.
- OPEC nations, Russia look to cut oil output to lift prices
- Saudi, Russia look to seal deeper output cuts with producers
- Brazil Won't Consider US Sanctions When Assessing Projects With Russia
- OPEC+ looks to cut 500K more barrels, but less in reality
- White House Budget Maintains 'Critical Funding to Implement Sanctions'
- Putin's Plan to Double Down on Venezuela, Syria and Ukraine Could Be Sending Russia Into Bankruptcy
- ‘Power of Siberia” : Russia begins pumping gas to China via 8000 km pipeline
- Russia opens Power of Siberia gas pipeline to China
- Trump Blames Russia for Aiding North Korea, Says Moscow Undercuts Efforts to Sanction Kim Jong Un
- Russian Prime Minister Says US Will Never Stop Imposing Sanctions on Russia
- US Imposing Sanctions on Russia Over Skripal Poisoning - State Department
- US sanctions Iran's Revolutionary Guard support network
- Russia suspends project with Iran due to uranium enrichment
- Russia switches on gas mega-pipeline to China as Putin touts closer ties
- Russia Will Meddle in 2018 Midterm Elections, Says CIA Chief Mike Pompeo
- New UK nuclear funding model could leave taxpayers liable
- Russian Energy Week Opens Wednesday With Senior Guests From OPEC, Iran, Saudi Arabia
- Early returns show North Korea sanctions hold promise
- Let's think about energy dominance for North America — not just the US
- New Year’s honours list 2017 in full – from Andy Murray and Victoria Beckham to Mo Farah and Jessica Ennis-Hill
New US Sanctions on Russia to Look at Finance, Energy Sectors have 765 words, post on www.news18.com at September 29, 2022. This is cached page on Business News. If you want remove this page, please contact us.