US slaps Russia with tough new sanctions on finance, defense.

TLDR:

• U.S. imposes major new sanctions on Russia targeting finance and defense
• Sanctions are in response to the death of opposition leader, Aleksei Navalny

The Biden administration unveiled a significant sanctions package against Russia, focusing on the financial sector and military-industrial complex. This action comes as the conflict in Ukraine continues, and following the recent death of Aleksei Navalny. President Biden emphasized the need for support to Ukraine and highlighted the impact of the sanctions on Russia’s energy revenues and sanctions evasion efforts globally. The U.S. is seeking to limit Russia’s ability to replenish its military capabilities and put pressure on its economy.

The sanctions, created by the Treasury, State, and Commerce Departments, aim to hold President Putin accountable for perceived actions and to deter further aggression. President Biden warned of escalating costs to the U.S. and its allies if Russia is not held responsible for its actions. The administration is urging Congress to provide additional aid to Ukraine and is relying on financial measures to hinder Russia’s military capabilities.