The camaraderie of last month’s Sochi Winter Olympics seems to be a fleeting memory as relations between the U.S. and Russia continue to deteriorate. In its latest response to Russia’s annexation of Crimea, the U.S. announced that it has imposed a ban on the issuance of export licenses for defense items and services to Russia. The State Department halted licensing on Monday, while the Commerce Department suspended licensing on March 1st.
The Commerce Department will halt sales of software, electronic devices, optical sensors and cameras, which were all among the $1.5 billion worth of exports to Russia licensed in 2013. Of that $1.5 billion, $798 million were for detonators and $367 million were for software products. Other products included encrypted software, ammunition for firearms, spacecraft, and chemicals.
The ban on export licenses is just the latest measure in an ongoing response to Russia’s actions. The U.S. has already imposed financial sanctions on business leaders and government officials with ties to Russian President Vladmir Putin. The U.S. has also threatened to impose sectoral sanctions, starting with the defense sector, if Russia makes additional moves against Ukrane.
For more information, click here to read the Bloomberg article.
