The Biden administration has announced a long list of sanctions against over 500 Russian targets. This is a major escalation in its campaign to counter Russia’s actions, a response to the death of Russian political opposition leader Alexey Navalny, as well as continued military aggression against Ukraine.
These sanctions are the largest taken in a single day since the start of the conflict.
Biden announces more than 500 Russian sanctions https://t.co/bKhgJTT3rE
— BBC News (World) (@BBCWorld) February 23, 2024
Kremlin critic Alexey Navalny died in Russian custody in circumstances that have been condemned internationally.
The latest sanctions are also likely to be far-reaching, targeting those involved in Navalny’s conviction, Russia’s financial sector and defense industry. They could even affect entities working against the sanctions. The United States is working to limit the Kremlin’s sources of revenue and weaken its ability to arm its military.
The sanctions are not limited to Russian actors. They also affect third-party entities in countries such as China, Serbia and the United Arab Emirates, which have supplied Russia with materials essential to its war effort. The US Treasury and State Departments have announced a series of trade restrictions. The Commerce Department has imposed additional restrictions on more than 90 entities.
Vladimir Putin, the Russian president, has boasted of his country’s resistance to such sanctions, although they have been imposed in the past. U.S. officials recognize the need to adjust their sanctions strategy in order to continue putting pressure on the Russian economy. Treasury officials stress the importance of preventing Russia from accessing critical supply chains for its military production.
While world powers are still discussing the implications of Russia’s invasion of Ukraine and Navalny’s death, the EU and UK are also expected to announce sanctions packages to align with US policies.
