This is a series

This is CBS I and the world. I'm John Batthler.

Ukraine conflict, sanctions. The US government for more than two years now has used sanctions to inhibit in some fashion the Russian war machine.

This month, the Secretary of the Treasury, Janet Jellen, announced new sanctions, especially directed against banks in Russia,

and banks that might be doing business with Russia, but there's so much more and I can not

possibly accommodate all of the details in a new report by Max Meislish of the foundation for the defensive democracy.

He's at the Center on Economic and Financial Power Russia program for the

Foundation. He's a senior research analyst and this language here is very

specialized but that's what Max does so I call him in for help. Max, a very good evening to you. Thanks for this. This is the Treasury Department, not Commerce, Treasury Department. And we're talking about following up an executive order that the president signed at the end of December

2023, sanctioning individuals and institutions.

What is the big picture here? Why this announcement now? What are they looking to stop or interrupt or in some fashion start fresh with sanctions against entities that were left out before.

Good evening to you, Max.

Thanks, John.

It's great to be here with you.

To your point, the sanctions have been in place for quite some time

since Russia's most recent incursion into Ukraine.

And what happened earlier this month on June 12th was in action by the President to essentially

expand the scope of existing sanctions so that entities designated under a particular

executive order will now be considered part of Russia's military

industrial base and that goes to the heart of what the United States is trying to focus on this campaign against Russia.

Russia has expanded all elements of its state economy to pursue its military ambitions and as such the United

States is expanding the scope of its sanctions programs to include aspects of Russians designated subjects to expand the scope of possible secondary

...