US unveils fresh sanctions against Russia
3 Min Read
On the second anniversary of the start of the war in Ukraine, US President Joe Biden announces news sanctions against Russia.
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US President Joe Biden speaks about the fresh sanctions against Russia during an event with the National Governors Association in the East Room of the White House, Friday, Feb. 23, 2024, in Washington. (AP Photo/Evan Vucci)
US President Joe Biden announced sanctions against Russia Friday, on over 500 targets, to mark the second anniversary of the start of the war in Ukraine.
The sanctions, described as the largest single tranche since the start of the war, also come in response to the death of Russian opposition figure Alexei Navalny who last week died in a prison located in the Yamalo-Nenets Autonomous Area -- with measures taken against three officials.
The latest sanctions notably target the Mir credit card system, set up by Russia to avoid reliance on US-based networks.
The US Treasury Department also said it was targeting investment funds and regional banks to hit "Russia's core financial infrastructure."
Key businesses targeted include Russian transportation logistics company JSC SUEK, said to allegedly serve the Russian Defense Ministry, and specialty steel producer Mechel. Others were in 3D printing, robotics and automation. The actions also impact entities and individuals in countries including China and the United Arab Emirates.
"We are also imposing new export restrictions on nearly 100 entities for providing backdoor support" for Russia, Biden said in a statement.
Washington and its allies have imposed a host of sanctions against Moscow since the start of the war in Ukraine, including blocking financial assets, restricting high-tech exports and setting an official cap on the sale price of Russia's oil exports.
Despite US-led pressure, the Russian economy grew by more than three percent last year and is expected to grow again this year.
A coalition involving the Group of Seven leading economies, the European Union, and Australia earlier announced plans to tighten compliance with the $60 per barrel cap on sales of Russian crude, which has been widely circumvented.
In an effort to cut Moscow's petroleum revenues and enforce the price ceiling, the Treasury blacklisted 14 Russian oil tankers Friday, while imposing sanctions on state-run shipping company Sovcomflot.
On Friday, the White House said Washington would take further measures in response to Navalny's death, saying fresh sanctions were "just the start."
During announcing the latest measures, Biden made a fresh plea for Congress to fund new military aid for Ukraine. Republican House Speaker Mike Johnson has refused to bring the aid to a vote with his ally, presidential hopeful Donald Trump, criticizing support for Kiev.
"History is watching, the clock is ticking, brave Ukrainian soldiers and civilians are dying," Biden said Friday, urging for the bill to be passed.
Russia's ambassador to the United States Anatoly Antonov slammed the new sanctions, telling state news agencies they were "yet another brazen and cynical attempt to interfere in the internal affairs of the Russian Federation."
Read more: What targets did EU's 13th anti-Russia sanctions package aim at?
