Biden sanctions Russian tech companies, including country’s biggest chipmaker

Enlarge / Treasury Secretary Janet Yellen. (credit: Jason Connolly-Pool/Getty Images)

The Biden administration slapped a new round of sanctions on Russia, with a focus on technology companies that support the Russian war effort in Ukraine. Among the sanctioned companies is Mikron, Russia's largest chipmaker.

We will continue to target Putin's war machine with sanctions from every angle until this senseless war of choice is over," said Treasury Secretary Janet Yellen in the Treasury Department's press release announcing the action.

Many of Mikron's chips are used in bank cards, identification cards, and RFID tags. The company also manufactures power management chips. In addition to supplying technology for Russian military operations, the US says Mikron is responsible for a majority of Russia's chip exports. So hobbling the company could help starve Russia of the hard currency it needs to pay for imports.

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