The United States plans to impose sanctions on more than 500 targets on Friday in response to Russia over the death of opposition leader Alexei A. Navalny. This is the largest single package in a wave of economic restrictions since the country’s invasion of Ukraine two years ago, a Treasury spokeswoman said.
The new measures, due to be introduced by the Treasury and State Departments on Friday morning, come after the White House signaled this week that it was preparing “severe” punishments following the recent death of Mr Navalny in a Russian prison. It is not clear which sectors or individuals the Biden administration intends to target, which is a crucial variable in the eventual expansion and effectiveness of the sanctions.
As the war approaches its third year, the Biden administration has become increasingly reliant on using its financial tools to try to damage and isolate Russia’s economy. It has worked with Group of Seven allies to limit the price at which Russian oil can be sold on global markets, frozen hundreds of billions of dollars in Russian central bank assets and imposed trade restrictions to block the flow of technology and equipment, which Russia uses to supply its military.
The United States has coordinated closely with Europe in its efforts to cut Russia off from the global economy. This week, the European Union announced its 13th tranche of sanctions against Russia, banning nearly 200 people and entities that helped Russia procure weapons from traveling or doing business within the bloc. Britain also announced sanctions this week against companies linked to Russia’s ammunition supply chain, as well as six Russians accused of running the Arctic prison where Mr. Navalny died.
Despite efforts to put economic pressure on Russia, the country has largely weathered the restrictions. China, India and Brazil have bought Russian oil in record quantities, and war spending has boosted the Russian economy, which grew faster than expected last month, according to the International Monetary Fund.
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2024-02-23 01:46:00
www.nytimes.com
