Media: US to strengthen control over compliance with sanctions against Russia

The US, ensuring the effectiveness of the imposed sanctions against the Russian Federation, is trying to close existing loopholes and continues to convince other countries to join the restrictions, Report informs citing The Wall Street Journal.

The Biden administration said that the second stage of economic pressure on the Russian Federation is now underway. At this stage, the US is trying to close the loopholes that allow Russia to bypass Western restrictions. These are foreign banks and cryptocurrency platforms that continue to help provide Russia with access to finance. The blocking of bank accounts, assets of Russian oligarchs and the search for foreign companies that help export dual-use goods in Russia continues.

The US is also engaged in persuading China and India to reduce financial transactions and exports of goods to Russia. The effect of the sanctions was not planned to be immediate, but their strategy of economic restrictions will pay off over time.

The Office of Foreign Assets Control of the Treasury Department and the Bureau of Industry and Security of the Department of Commerce are prosecuting companies that continue to supply Russia with financial services and goods such as semiconductors and weapons banned by the new export controls. The US also reveals groups of people who help Russians bypass Western sanctions.

Chinese companies supply computer chips and other electronic components that can be used for military purposes, while Indian companies supply oil and gas equipment.

All this allows Russia to continue the war and keep its economy afloat, despite the sanctions pressure. Now much attention is paid to three countries with which trade relations have grown - Brazil, Israel and Uzbekistan.