The U.S. announces more than 500 new sanctions against Russia

• U.S. announces new sanctions against Russia.
• Biden is imposing 500 new sanctions.
• This comes as the war with Ukraine enters its 3rd year.

The United States announced sanctions against 500 companies and individuals on Friday, with the primary aim of undermining Vladimir Putin’s government’s financial infrastructure.

Among them are 26 foreign companies aiding Russia in evading sanctions.

This marks the largest number of sanctions imposed since Russia’s invasion of Ukraine and comes on the second anniversary of the war’s onset, following the recent death of Russian dissident Alexei Navalny.

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The Treasury Department has sanctioned nearly 300 individuals and entities, according to EFE.

Additionally, the Department of Commerce has added 90 companies to the array of sanctions, while the State Department has added 50 entities and individuals.

The Treasury Department’s Office of Foreign Assets Control (OFAC) has targeted operators of the Mir National Payment System.

Banks and Russian investment and financial technology firms are also being targeted, with the aim of impacting Russia’s central financial infrastructure.

U.S. announces new sanctions against Russia

Among those being sanctioned is the National Payment Card System Joint Stock Company (NSPK).

As the state operator of Russia’s National Payment System Mir, owned by the Central Bank of Russia, NSPK facilitates crucial internal and external financial transactions for the country.

In a statement, the Treasury also cautioned that the United States intends to tighten the «price limit» on Russian oil, currently in place.

This mandates buyers to purchase Russian oil at a discounted rate, under the threat of financial sanctions for those who evade compliance.

500 new Russian sanctions

In addition to the financial sector, the sanctioned companies span various other sectors including logistics, technology and even diamond export.

Apart from defense-related objectives, another primary purpose of this round of sanctions is evident.

For instance, today’s action also aims at the network responsible for Russia’s acquisition and production of unmanned aerial vehicles, commonly referred to as «kamikaze drones.»

It is believed Russia was obtaining these materials from Iran.

Many companies are affected

The sanctioned companies include manufacturers of industrial CNC machines.

These are essential to heavy machinery construction and weapons manufacturing industries, for the development of specialized 3D printers for producing unmanned aerial vehicles, aircraft parts and other military-related items.

According to the U.S. Treasury, sanctions target 26 entities and individuals from various countries, aimed at depriving Russia of resources for the war in Ukraine.

This includes technology intermediaries, a freight forwarder associated with arms shipments to Russia and a money laundering network involved in the illegal movement of Russian precious metals.

The U.S. issues a warning

OFAC has cautioned that it will persist in imposing sanctions on individuals «wherever they are» who enable Russia to reestablish connections with global financial markets through illicit channels.

The Treasury aims to curtail Russia’s revenue streams for financing the war and disrupt the Kremlin’s attempts to establish a wartime economy.

In addition to the Treasury Department’s sanctions, the State Department has announced another wave of sanctions related to human rights abuses and the recent death of the dissident Alexei Navalny.

Visa restrictions have been imposed on alleged Russian officials involved in the transfer, deportation and confinement of Ukrainian children.