Business Maverick

Business Maverick

US plans biggest Russia sanction package of two-year war

US plans biggest Russia sanction package of two-year war
People bring flowers and candles during a torchlight procession to remember Alexei Navalny following his death, on 19 February 2024 in Rome, Italy. (Photo: Antonio Masiello/Getty Images)

The US will sanction more than 500 people and entities linked to Russia’s war machine, in its most sweeping single push to squeeze the Russian economy nearly two years after President Vladimir Putin’s forces invaded Ukraine, according to a Treasury Department spokesperson.

The actions will be announced on Friday by the State and Treasury Departments, the spokesperson said. Earlier this week, President Joe Biden had said the US planned to unveil a “major” sanctions package following the death of Russian opposition leader Alexey Navalny in a remote Arctic prison.

The sanctions set to be announced on Friday were reported earlier by the New York Times.

The US has already imposed significant sanctions affecting large swathes of Russia’s economy and prominent officials following the invasion of Ukraine. It’s acted in concert with European allies, which have also imposed about a dozen sanctions packages against Putin in a bid to punish him for the invasion and crimp his forces’ ability to wage war. 

The US began imposing harsh penalties and export controls on the Russian economy in the days immediately following the invasion on 24 February 2022, including freezing the country’s central bank assets and cutting several of its banks off the Swift financial messaging system. A price cap on Russian oil was introduced in the summer of 2022 and implemented in December of that year, targeting Putin’s most lucrative commodity.

Though the Russian economy shrank initially and the ruble fell, the country eventually recovered and is projected to grow by 2.6% this year, according to the International Monetary Fund. Even so, some experts believe that Russian GDP will be about 10% lower in 2030 than it would have been otherwise.

Read More: Biden Met Late Russian Dissident Navalny’s Widow, Daughter 

“The export controls that we’ve put in place have weakened Russia’s war machine and these restrictions will get significantly tighter in the coming days as we and our partners announce a massive new sanctions package, designed, among other things, to strangle Russia’s effort and sanctions evasion,” Under Secretary of State Victoria Nuland told an event on Thursday.

Biden met the widow and daughter of Navalny in San Francisco on Thursday.

“To state the obvious, he was a man of incredible courage,” Biden told reporters after the meeting. “It’s amazing how his wife and daughter are emulating that.”

“We’re going to be announcing sanctions against Putin, who is responsible for his death, tomorrow,” Biden said.

Gallery

Comments - Please in order to comment.

  • Rae Earl says:

    In utter disgust, all fair minded South Africans now have to accept that the ANC has (via its mentally challenged Secretary General) pledged grovelling obedience, loyalty, and adoration of Putin and his gangsters. Good-bye to many of our friends and trading partners in the West. Thanks for nothing Fikile Mbalula and thanks for even less ANC.

  • Beyond Fedup says:

    How low has this vile and putrid anc sunk to allow a total idiot and vacuous buffoon to subserviently prostrate himself in Moscow to the evil and bestial mass-murderer Putin, pledging total devotion, adoration and support. The depths of depravity is astounding in this sick and stinking organization, and is nothing but a huge embarrassment to SA.

Please peer review 3 community comments before your comment can be posted

X

This article is free to read.

Sign up for free or sign in to continue reading.

Unlike our competitors, we don’t force you to pay to read the news but we do need your email address to make your experience better.


Nearly there! Create a password to finish signing up with us:

Please enter your password or get a sign in link if you’ve forgotten

Open Sesame! Thanks for signing up.

We would like our readers to start paying for Daily Maverick...

…but we are not going to force you to. Over 10 million users come to us each month for the news. We have not put it behind a paywall because the truth should not be a luxury.

Instead we ask our readers who can afford to contribute, even a small amount each month, to do so.

If you appreciate it and want to see us keep going then please consider contributing whatever you can.

Support Daily Maverick→
Payment options

Become a Maverick Insider

This could have been a paywall

On another site this would have been a paywall. Maverick Insider keeps our content free for all.

Become an Insider
Elections24 Newsletter Banner

On May 29 2024, South Africans will make their mark in another way.

Get your exclusive, in-depth Election 2024 newsletter curated by Ferial Haffajee delivered straight to your inbox.