West piles on new sanctions

WASHINGTON — The United States on Friday imposed new sanctions on more than 500 targets involved in Russia’s special military operation in Ukraine.

The action will hit “Russia, its enablers, and its war machine”, a Treasury Department spokesperson said on Thursday.

The official added that these sanctions will be introduced from both the Treasury and State departments.

Since February 2022, Washington and its allies have imposed a host of sanctions, targeting Moscow’s revenue and military-industrial complex.

Among the efforts has been a price ceiling enacted by the US and allies, aimed at slashing Moscow’s revenues from exports of oil and petroleum products.

To reduce funding for the conflict while still ensuring supplies to the global market, a coalition involving the G7 leading economies, the European Union and Australia had set a price cap of $60 per barrel on Russian crude.

Due to the cap, Russia had the choice to either sell discounted oil to coalition countries or invest in building an alternative ecosystem.

In recent months, the coalition announced plans to tighten compliance for the price ceiling.

The fresh sanctions came after Russian opposition figure Alexei Navalny died last week.

US President Joe Biden earlier reaffirmed plans for sanctions.

On Thursday, Biden said he had privately met with Navalny’s widow and daughter in California.

Russian authorities announced on Feb 16 that Navalny, 47, had died suddenly in custody.

Since then, a series of European governments also summoned Russian diplomats.

On Thursday, the United Kingdom also announced a new package of sanctions against Russia, saying it was seeking to diminish Moscow’s weapons arsenal and chest for the conflict.

The package, covering more than 50 individuals and entities, is part of a coordinated Western effort to restrict the Russian economy.

There are more than 2,000 Russian individuals, companies and groups on Britain’s sanctions list.

The EU approved its own package of sweeping sanctions on Wednesday, banning nearly 200 entities and individuals.