Article Summary –
The United States is implementing sanctions on more than 500 targets associated with Russia’s war efforts, focusing on the country’s core financial infrastructure and entities in other countries aiding Russia’s military. This announcement was made by the White House on Friday, one day before the second anniversary of Russia’s full-scale invasion of Ukraine. The sanctions are the largest imposed since the invasion began in 2022, and are a direct response to the death of Russian opposition leader Alexei Navalny.
US Targets Over 500 Entities with Sanctions to Cripple Russia’s War Machine
The United States is levying sanctions against more than 500 entities it alleges are bolstering Russia’s war machine. The move, announced by the White House, specifically targets Russia’s essential financial infrastructure, as well as individuals and entities in other countries accused of supplying Russia with vital technology and equipment and assisting with sanction evasion.
President Biden, in a White House statement, revealed that Ukraine is depleting its ammunition and urged the House of Representatives to approve additional military aid for Ukraine, which is currently obstructed by Republicans. The President emphasized that those who fail to support Ukraine in this critical time will not be forgotten.
According to the Treasury Department, these measures represent the most extensive sanctions imposed since Russia’s full-scale invasion of Ukraine on Feb. 24, 2022. Entities such as Russia’s state-owned National Payment Card System Joint Stock Co., and numerous Russian companies manufacturing tanks, lasers, and other war technology are among those targeted.
Over two dozen entities and individuals from third-party countries that assist Russia with financing or technology and equipment supply have been sanctioned. These include a Russian-Iranian network known as the Ministry of Defense and Armed Forces Logistics, as well as companies based in China, the UAE, Serbia, Germany, and other countries.
Deputy Treasury Secretary Wally Adeyemo asserted that these new sanctions, executed in collaboration with the European Union and the UK, will significantly impede Russia’s military industry complex.
Some sanctions directly respond to the death of Russian opposition leader Alexei Navalny last week in an Arctic penal colony, with the Biden administration holding Russian President Vladimir Putin and his government accountable for Navalny’s death. Adeyemo emphasized that Navalny’s death will not be forgotten or go unanswered.
Though Western nations have imposed roughly 2,000 sanctions on Russian entities in retaliation for the Ukraine invasion over the past two years, Russia’s economy has largely weathered the blow, largely due to oil revenues. Despite a $60 per barrel price cap imposed by Western nations on oil sales, Russia has managed to sustain its crude flow, albeit without making profits.
The Biden administration reports that the Kremlin has lost 40% of its oil revenue, but evasion tactics, such as the use of shadow fleets, have enabled Russia to circumvent the price cap. The new round of sanctions aims to address the issue of other nations assisting Russia in sanctions evasion and ensuring the supply of consumer goods and critical technology.
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