A day after Ukrainian President Volodimir Zelensky´s official visit to Washington, a statement from the Department of State (DOS) informed the new package of sanctions is in response to Russian attack on Ukraine´s ports.
Among Russian naval entities sanctioned is the Central Research Institute of Structural Materials Prometey, which is described as the largest materials research center in Russia and as being among the country’s leading companies involved in military naval shipbuilding and development of military technology.
Past February 24, Russian President Vladimir Putin, following a request for help from the Donetsk and Lugansk People’s Republics, gave the order to start a special military operation to demilitarize and denazify Ukraine and to end genocide against Donbass inhabitants.
From then on, trade blockades, banking and technological vetoes, currency restrictions, support to the Ukrainian army, among other steps to stifle Russia were tightened, which has not had desired effects by the West so far.
Back in 2014, as the first round of punitive measures were imposed, Russia implemented defense mechanisms to stop relying on USD in its commercial transactions and to protect its domestic economy.
Nowadays, just 16% of Russia’s currencies are held in USD, down from 40% five years ago.