President Biden and other G-7 leaders met with Ukrainian President Volodymyr Zelenskyy on Sunday and promised to also phase out their dependence on Russian oil.
“We will ensure that we do so in a timely and orderly fashion, and in ways that provide time for the world to secure alternative supplies,” the leaders of the U.S., Britain, Canada, Germany, France, Italy, and Japan said in a joint statement.
More than two dozen executives from Gazpombank, which facilitates sales by Russia energy giant Gazprom, were hit by sanctions. The natural gas producer said Sunday that it was still supplying natural gas to European consumers through Ukraine.
A new ban on U.S. accounting and consulting firms doing business in Russia is meant to stop Russian oligarchs from evading sanctions and “generating revenue for Putin’s war machine,” the White House said.
“Preventing Russia from accessing the United States’ valuable professional services increases the pressure on the Kremlin and cuts off its ability to evade sanctions imposed by the United States and our partners,” Treasury Secretary Janet Yellen said in a statement.
Visa restrictions were imposed on about 2,600 Russian and Belarusian military leaders and other officials who have been involved in the invasion of Ukraine.
Three of Russia’s most popular television stations – Joint Stock Company Channel One Russia, Television Station Russia-1, and Joint Stock Company NTV Broadcasting Company – were also cut off from Western advertising as part of the sanctions announced Sunday.
While the U.S. and allies continue ramping up the pressure on Russia’s economy through sanctions, the Biden administration also announced an additional $ 150 million security assistance package to Ukraine this weekend, which will include 25,000 155mm artillery rounds, 3 AN/TPQ-36 counter-artillery radars, and other military equipment.
President Biden is urging Congress to also approve $ 33 billion worth of military and economic aid for Ukraine that he requested this week.
The new round of sanctions comes before Russia’s May 9 Victory Day, when the country celebrates the defeat of Nazi Germany and the end of World War II.
Reuters contributed to this report.