U.S. President Joe Biden speaks to the media, following his meeting with late Russian opposition leader Alexei Navalny’s widow and daughter in San Francisco, California, U.S., February 22, 2024. REUTERS/Kevin Lamarque
The United States has imposed substantial sanctions against Russia, affecting over 500 individuals and entities, in commemoration of the second anniversary of Moscow’s incursion into Ukraine and in response to the passing of Russian opposition figure Alexei Navalny. President Joe Biden stated that the intent behind these measures is to ensure that Russian President Vladimir Putin faces an increased cost for his international aggression and domestic repression.
These sanctions are directed at various sectors, including Russia’s Mir payment system, financial institutions, military industrial base, sanctions evasion strategies, future energy endeavors, and other areas. Specific targets include prison officials allegedly linked to Navalny’s demise. The Russian embassy in Washington has yet to provide a response to these sanctions.
The Biden administration aims to continue its support for Ukraine, which is currently confronting severe shortages of ammunition. However, the authorization for additional U.S. military aid to Ukraine has been delayed in the U.S. Congress for several months. The European Union and Britain have also taken measures against Russia.
Despite the extensive sanctions imposed over the past two years, Russia’s export-driven economy, valued at $2.2 trillion, has demonstrated resilience beyond expectations from both Moscow and the West. The conflict between Russia and Ukraine, which commenced on February 24, 2022, has resulted in significant casualties and extensive destruction in affected cities.
The U.S. Treasury Department has sanctioned nearly 300 individuals and entities, while the State Department has targeted over 250, and the Commerce Department has added over 90 companies to the Entity List. The collective efforts of the United States and its allies have resulted in sanctions being imposed on thousands of Russian entities over the past two years.
Treasury Secretary Janet Yellen emphasized the importance of sustaining support for Ukraine while simultaneously weakening Russia’s military capabilities. She urged Congress to collaborate with global allies in providing Ukraine with the necessary resources to defend its sovereignty against what she described as Putin’s aggressive actions.
Among the specific sanctions imposed, the U.S. Treasury has targeted the state-owned National Payment Card System, operator of the Mir payment system, citing its role in facilitating Russian efforts to evade sanctions. Additionally, numerous Russian banks, investment firms, venture capital funds, and fintech companies have been sanctioned, including SPB Bank, a subsidiary of SPB Exchange.
In terms of energy production, the United States has focused on hindering Russia’s future endeavors, particularly the Arctic LNG 2 project in Siberia. Sanctions have been imposed on entities involved in the construction of LNG tankers intended for the project. Moreover, additional sanctions are planned to increase costs for Russia’s oil transportation, primarily to markets in India and China.
Furthermore, sanctions have been extended to entities in China, Turkey, the United Arab Emirates, Kazakhstan, and Liechtenstein for their involvement in circumventing Western sanctions on Russia. The Biden administration has also imposed trade restrictions on numerous entities from various countries for supporting Russia’s military actions in Ukraine.
In response to the death of Alexei Navalny, the State Department has targeted three officials from the Russian Federal Penitentiary Service, alleging their connection to Navalny’s demise. This includes the deputy director reportedly instructing prison staff to impose harsher treatment on Navalny. Navalny passed away suddenly at a penal colony where he was serving a lengthy sentence. President Biden, who squarely attributed Navalny’s death to Putin, met with Navalny’s family in California and praised his bravery.
Additionally, the U.S. has sanctioned individuals involved in the forced transfer or deportation of Ukrainian children to camps promoting indoctrination in Russia, Belarus, and Crimea.
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