Chip exports to Russia dropped by 90% after curbs - US Commerce Secy Raimondo

• Raimondo threatened to shut down Chinese chipmaker SMIC if it's found to be supplying semiconductors to Moscow

Global exports of semiconductors to Russia have declined by almost 90% since the United States and its European allies slapped export controls on Moscow over its invasion of Ukraine, US Commerce Secretary Gina Raimondo said on Wednesday.

While speaking at an annual Commerce Department conference, Raimondo said that controls that were put in place left Russian companies without the chips they need for a wide variety of goods, including weapons like precision-guided missiles and tanks.

The sanctions also hit Russia's aerospace sector and its ability to generate revenue and support military aviation.