US to Impose Sanctions on 500 Russian Targets in Observance of the Anniversary of the Ukraine War
Image Source: India Today
As part of its commemoration of the second anniversary of Russia’s invasion of Ukraine, the US will apply sanctions to more than 500 targets on Friday, Deputy US Treasury Secretary Wally Adeyemo told Reuters in a Thursday interview.
As Washington tries to hold Russia accountable for the war and the death of opposition leader Alexei Navalny, it will take action in concert with other nations that will target Russia’s military-industrial complex and companies in third countries that help Russia get the goods it needs, Adeyemo said.
“Tomorrow we’ll release hundreds of sanctions just here in the United States, but it’s important to step back and remember that it’s not just America taking these actions,” Adeyemo stated.
Following Russia’s 2022 invasion of Ukraine, which resulted in tens of thousands of deaths and the destruction of numerous cities, the United States and its allies issued hundreds of new sanctions against Moscow, of which this package will be the most recent.
Despite uncertainty over whether the US Congress will approve more security aid for Kyiv, the US and its allies are looking to maintain pressure on Russia, which is why the new penalties have been implemented.
The budget that was originally authorized for Ukraine has been depleted by President Joe Biden’s administration, and a request for further money is pending in the House of Representatives, which is controlled by Republicans.
“Sanctions and export controls are geared towards slowing Russia down, making it harder for them to fight their war of choice in Ukraine,” Adeyemo stated.
“But ultimately, in order to speed Ukraine up, to give them the ability to defend themselves, Congress needs to act to give Ukraine the resources that they need and the weapons they need.”
The penalties alone won’t be enough to halt Moscow’s attacks, experts have warned.
Former National Security Council official Peter Harrell stated, “What Congress does to pass additional military assistance to Ukraine is going to matter far, far more than anything else they could do on the sanctions front.”
In December, the Treasury Department said that the sanctions had caused Russia’s economy to decline by 2.1% in 2022.
On the Treasury’s website, Chief Sanctions Economist Rachel Lyngaas stated that the previous estimates for Russia’s GDP were nearly 5% lower.
Nevertheless, Russia’s economy has outperformed forecasts; in January, the IMF projected GDP growth of 2.6% in 2024, up 1.5 percentage points from an October estimate, following strong 3.0% growth in 2023.
However, IMF spokeswoman Julie Kozack said on Thursday that it was “clear that Russia is now in a war economy,” with rising inflation despite decreases elsewhere, government social transfers supporting consumption, and military spending driving up weapons production.
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