Treasury Secretary Janet Yellen on Sunday announced the US will sanction a transnational network that’s been illicitly supplying Russia with military technology to support its war in Ukraine.
She identified that 14 individuals and 28 entities will fall under the sanctions, following widespread allegations particularly against Iran and North Korea. In the former case, advanced Iranian-manufactured suicide drones have been observed used with greater frequency by Russian forces on the Ukraine battlefield. Tehran has since admitted to selling Moscow drones; however, Iranian officials have claimed this was done before the invasion and the deal had nothing to do with the Ukraine conflict.
“This is part of our larger effort to disrupt Russia’s war effort and deny equipment it needs through sanctions and export controls,” Yellen, who is currently attending the Group of 20 summit in Bali, Indonesia with President Joe Biden, said. Notably she had said earlier that she would refuse to attend the G20 if Putin is also in attendance.
More details are expected via the US Treasury website on Monday. Upon the initial announcement, Yellen didn’t specifically name the entities being targeted.
Previewing a central focus of discussion this week at the Bali G20, Yellen called ending the war in Ukraine the top priority for the global economy. “Ending Russia’s war is a moral imperative and the single best thing we can do for the global economy,” she said.
Managing soaring fuel and food prices is a key topic under discussion among world leaders at the summit. While Putin is not in attendance, the Kremlin sent Foreign Minster Sergei Lavrov to represent Moscow.
Yellen said Friday at the G20, “Russia’s officials, including those participating in this session, should recognize that they are adding to the horrific consequences of this war through their continued support of the Putin regime,” She was addressing G20 finance ministers and central bank heads.