Updated February 23rd, 2024 at 19:57 IST

US imposes extensive sanctions against Russia, targeting over 500 individuals, entities

The sanctions cast a wide net, targeting various sectors including the Mir payment system, Russian financial institutions, and the military industrial base.

Reported by: Business Desk
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In a major move marking the second anniversary of Russia's invasion of Ukraine, the United States has unleashed sweeping sanctions, encompassing over 500 people and entities. The action, announced on Friday, underscores Washington's determination to escalate pressure on Moscow amid ongoing geopolitical tensions.

The sanctions, issued by the Treasury and State departments, cast a wide net, targeting various sectors including the Mir payment system, Russian financial institutions, and the military industrial base. Notably, individuals associated with the death of Russian opposition leader Alexei Navalny have also been included in the punitive measures.

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President Joe Biden underscored the intention behind the sanctions, stressing on accountability for Russia's actions both domestically and abroad. The move comes as part of the US' continued support for Ukraine, despite challenges such as delayed military aid in Congress and ammunition shortages faced by the country.

The Treasury Department's sanctions encompass nearly 300 people and entities, while the State Department has targeted over 250. Additionally, the Commerce Department has added over 90 companies to its Entity List, signifying an escalation compared to previous rounds of sanctions.

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The coordinated action by the United States aligns with similar moves from European Union member nations and Britain, illustrating a unified front against Russian aggression. These sanctions mark the latest in a series of measures implemented following Russia's invasion of Ukraine, which has resulted in widespread destruction and loss of life.

Despite the economic impact of sanctions on Russia's export-focused economy, the country has demonstrated resilience beyond initial expectations. However, the Biden administration stresses the importance of sustained support for Ukraine, calling on Congress to allocate additional funds for this purpose.

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Key targets of the sanctions include Russia's Mir payment system and several financial institutions, signalling a strategic move to disrupt financial infrastructure facilitating sanctions evasion. Furthermore, future energy projects, particularly the Arctic-2 LNG project, have also come under scrutiny.

The United States has expanded its scope to target entities involved in sanctions evasion, including those based in China, Turkey, and the United Arab Emirates. Additionally, individuals associated with Navalny's death and the forcible transfer of Ukrainian children have been singled out.

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(With Reuters inputs)
 

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Published February 23rd, 2024 at 19:57 IST