June 28, 2022
-Forbes
TOPLINE
Russia on Tuesday announced a series of sanctions targeting 25 prominent Americans including the family of President Joe Biden and Senate Minority Leader Mitch McConnell , a retaliatory step amid escalating U.S. and G-7 sanctions against Moscow over its invasion of Ukraine.
KEY FACTS
The wife and daughter of President Joe Biden, First Lady Jill Biden and Ashley Biden, were sanctioned as part of a cohort of Americans Moscow said is promoting an anti-Russian agenda.
The list also includes a string of academics, researchers and former officials, including Stanford professors Francis Fukuyama and Larry Diamond, Morgan Stanley’s head of European economics Jacob Nell and David Kramer, former Assistant Secretary of State for Democracy, Human Rights, and Labor under George W. Bush.
KEY BACKGROUND
Moscow’s announcement comes as Group of Seven leaders finalize commitments towards another wave of sanctions against Russia over the invasion as well as a support package for Ukraine. On Monday, the U.S. announced higher tariffs on Russian goods, restrictions on gold exports and sanctions on a series of individuals and organizations supporting the war effort. These complement an already sweeping set of sanctions from the U.S. and other nations targeting large swathes of the Russian economy, Russian President Vladimir Putin, his family and inner circle, and wealthy Russian elites. G-7 leaders are also in the process of negotiating a price cap on Russian oil, a measure that cut off one of Putin’s most vital revenue streams while addressing spiraling energy prices caused by the war.
