Actions taken by the U.S. Department of Commerce and the Biden administration, through coordination with U.S. allies around the world, have ensured Russia and its enablers pay for their actions, Deputy Commerce Secretary Don Graves said.
The effects of these actions have been seen as U.S. exports to Russia have been cut by 99 percent, compared to last year, according to an April 12 Commerce Department release.
“Through our Bureau of Industry and Security, we have imposed the most expansive export controls ever levied against another country,” Graves said in the release. “Our goal in designing these export controls is to degrade Russia’s military capabilities by denying them critical supplies and technologically isolate Russia.”
Secretary of Commerce Don Graves reported U.S. exports to Russia have been cut by 99 percent.
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The federal government can’t do it alone, so the Commerce Department remains equally committed to marshaling the resources and resourcefulness of the private sector, he said, the release reported.
“The people of Ukraine are suffering at the hands of Putin’s unjustified, unprovoked and inhumane invasion,” Graves said in the release.
American businesses have suspended or terminated business with Russia, even when it comes at a cost and may not be required by the growing list of sanctions the U.S. and its allies have imposed, the release reported.
Many companies have offered monetary and in-kind donations as they support their Ukrainian employees and Ukrainians around the world, according to the release.
“The values of innovation, fairly-regulated competition, public input and honest courts are not just U.S. government values, they’re values on which your employees, your customers and your competitive edge depend, both at home and abroad,” Graves said in the release.
