President Biden Announces Fresh List Of More Than 500 Sanctions For Russia
In the biggest single-day package of financial punishment since Russia’s Invasion of Ukraine, American President Joe Biden announced fresh sanctions for Russia and other countries including UAE and China.
Due to Russia”s invasion of Ukraine and thedeath of opposition leader Alexei Navalny, the US has imposed more than 500 new sanctions on the country. Along with the already named persons, the list includes new individuals and entities including the warden of the prison where the opposition leader Alexey Navalny died, the deputy director of the Federal Penitentiary Service, and a Russian Shipbuilder that helped produce 15 liquified natural gas tankers.
Announcing the sanctions President Joe Biden said, “If Putin does not pay the price for his death and destruction, he will keep going. And the costs to the U.S., along with our NATO Allies and partners in Europe and around the world, will rise.”
Ukraine President Volodymyr Zelenskyy appreciated the new sanctions via “”X”.
I am grateful to the United States for imposing the largest single package of sanctions against Russia.
Over 500 sanctioned targets in Russia”s financial sector, military industry, sanctions evasion and circumvention networks, energy, mining, and metallurgy industries; holding…
— Volodymyr Zelenskyy / Володимир Зеленський (@ZelenskyyUa) February 23, 2024
The newly imposed sanctions include nearly 100 firms and individuals who will face export restrictions. Russia’s state-owned operator of the Mir payment system also became a target after Visa and Mastercard suspended their services there already.
Companies involved in powering Russia’s war effort will also be hit. Entities in China, UAE, Vietnam, and Liechtenstein have also been sanctioned, being accused of sending materials to Russia’s military.
Nonetheless, the US issued a new list of sanctions, the critics say, the fresh restriction is unlikely to impact the Russian economy as it is the most sanctioned country in the world and has already adapted to sanctions. Many of the already restricted technologies and materials have found a way to Russia via third countries as Ukrainian officials published details of US and European microchips and other technology fitted in captured Russian drones.
President Biden announcing the sanction said, “The new sanctions will ensure Russian President Vladimir Putin, pays an even steeper price for his aggression abroad and repression at home”.
The EU also announced the 13th raft of sanctions targeting nearly 200 companies and people accused of helping Russia procure weapons.
However, the sanction includes crucial sectors such as metal, more energy- punishments, and secondary sanctions on banks. Analysts say about the caution by the US administration in setting off shocks that could impact the US economy.
The other entities sanctioned are National Payment Card System JSC, banks including AVANGARD Joint Stock BANK and Joint-Stock Commercial Bank Chelind Bank; and other individuals and companies connected to the financial, defence, and procurements sectors.
