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Business News/ News / World/  US to impose sanctions on over 500 targets in Russia amid war with Ukraine
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US to impose sanctions on over 500 targets in Russia amid war with Ukraine

The package will be the latest of thousands of sanctions targeting Moscow announced by the United States and its allies following Russia's 2022 invasion of Ukraine

Russian President Vladimir Putin attends a meeting with officials in the town of Tsivilsk, Republic of Chuvash, Russia (AP)Premium
Russian President Vladimir Putin attends a meeting with officials in the town of Tsivilsk, Republic of Chuvash, Russia (AP)

The United States is planning to impose sanctions on more than 500 targets involved in Russia's war in Ukraine. The action to be rolled out on Friday will hit "Russia, its enablers, and its war machine," a Treasury told media.

This will be the "largest single tranche since the start of Vladimir Putin's further invasion of Ukraine," the Treasury said.

The package will be the latest of thousands of sanctions targeting Moscow announced by the United States and its allies following Russia's 2022 invasion of Ukraine, which has killed tens of thousands and reduced cities to rubble.

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The US has targeted Russia's revenue and military-industrial complex.

The Us and other allies of Ukraine had hoped to cripple and isolate Russia's economy with a succession of sanctions targeting its financial sector and sources of revenue, including oil sales. But Putin has worked with Iran and others to blunt the impact of the international sanctions so that the International Monetary Fund reports Russia's economy growing at an unexpectedly healthy pace.

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To reduce funding for the war while still ensuring supplies to the global market, a coalition involving the Group of Seven leading economies, the European Union, and Australia had set a price cap of $60 per barrel of Russian crude.

The latest sanctions come after Kremlin opposition leader Alexei Navalny died last week in an Arctic prison.

US President Joe Biden earlier reaffirmed plans for sanctions, saying they would be "against Putin, who is responsible for his death."

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On Thursday, Biden said he had met privately in California with Navalny's widow and daughter.

Russian authorities announced on February 16 that Navalny, 47, had died suddenly in custody.

Since then, a series of European governments also summoned Russian diplomats.

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Published: 23 Feb 2024, 06:32 AM IST
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