“We are increasing risk and eliminating evasions for financial institutions that serve Russia's war economy, and reducing Russia's ability to benefit from access to foreign technology, equipment, software and IT services,” he said.
Secretary of State Antony Blinken said separately that the United States was “concerned about the scale and breadth of exports” from China supplying Moscow's military industry.
Russia has vowed to respond “aggressively” to the latest sanctions, according to state news agency TASS, while the Moscow Exchange said it would halt foreign exchange trading in dollars and euros.
In addition to the new sanctions, the Finance Ministry is broadening its definition of Russia’s “military-industrial base.”
Until now, sanctions could be imposed on foreign banks for supporting Russia's defense industry. The latest move extends the reach of so-called secondary sanctions to all Russian individuals and entities already hit by U.S. sanctions.