The Russian economy is showing resilience as Western sanctions take time to produce the intended results, White House National Security Council spokesperson John Kirby said on Friday.
“We believe that these will have an impact, but the second point is that it can take some time. Often, you don’t see the immediate impact. It takes a while for the effect to be manifested,” Kirby said during a press briefing. “I take your point, that [Russia’s] economy is in some ways showing some resilience.”
The United States will not take the possibility of additional sanctions against Russia off the table, Kirby added.
The United States and other Group of Seven (G7) allies announced a new wave of sanctions on Russia to mark the one-year anniversary of the launch of Moscow’s special military operation in Ukraine.
As part of the new sanctions, the US will increase tariffs “on more than 100 Russian metals, minerals, and chemical products worth approximately $2.8 billion to Russia.”
US President Joe Biden signed a proclamation on Friday to impose a 200% tariff on Russian aluminum.
“To further reduce imports of aluminum articles and increase domestic capacity utilization, I have determined that it is necessary and appropriate to impose: (a) beginning on March 10, 2023, a 200 percent ad valorem tariff on aluminum articles that are the product of Russia and derivative aluminum articles that are the product of Russia,” the proclamation read.
Beginning on April 10, 2023, a 200% tariff will also be applied to “aluminum articles where any amount of primary aluminum used in the manufacture of the aluminum articles is smelted in Russia, or the aluminum articles are cast in Russia, and derivative aluminum articles where any amount of primary aluminum used in the manufacture of the derivative aluminum articles is smelted in Russia, or the derivative aluminum articles are cast in Russia.”
Further, the US Department of Commerce announced it expanded luxury goods sanctions to include 276 more Russian and Belarusian entries. The US Department of State in turn announced new visa restrictions on 1,219 members of the Russian military, according to a release.
Washington also imposed sanctions on 11 Russian banks and three financial institutions as part of a new package of measures.
The list of sanctioned Russian banks includes Credit Bank of Moscow, Lanta Bank, Metallurgical Investment Bank, MTS Bank, Novosibirsk Social Commercial Bank, Bank Saint-Petersburg, Bank Primorye, SDM-Bank, Ural Bank for Reconstruction and Development, Bank Uralsib, Bank Zenit, according to the release.
The United States also designated OOO Zenit Finance, OOO Zenit Leasing, and OOO Zenit Factoring MSP for being owned or controlled by, or for having acted or purported to act for or on behalf of, directly or indirectly, Bank Zenit, the release added.