US announces new sanctions against Russia

As the Russia-Ukraine war completes two years today, America has announced has imposed 500 sanctions against Russia.

President Joe Biden announced new sanctions against Russia on Friday. Russia's attack on Ukraine and the death of opposition leader Navalny are believed to be the reasons for America's imposition of more than 500 new sanctions against Russia. This step of America is threatening the global economy. America has released a 200-page list of sanctions. The thing to note is that names of companies and metal sector, more energy related punishment and banks related sectors are missing from this list.

This action taken by America shows that even after Biden announced sanctions, his team is still not ready to give up on revenue. Experts argue that not only will this actually cripple Russia's economy, it may also deal a blow to America's economy. Sanctions may also include foreign sanctions that help procure technology and materials to continue the war against Ukraine. Besides, these banks also help Russia in trading of uranium and metals like aluminum and nickel. The US could potentially seize and distribute frozen Russian assets.

"To really impact Russia, we're going to have to take much more strategic actions that could have damaging effects on the broader global economy," said Kim Donovan, a former Treasury official and director of the Economic Statecraft Initiative at the Atlantic Council. "We have to start making more difficult decisions and acknowledging the impact those decisions will have."

The list released by the US on Friday was full of names of people and institutions which have already been sanctioned or which have limited ties to the US financial system, due to which their influence has been reduced. This included the warden of the prison where police opponent Alexei Navalny was killed, as well as the deputy director of the Federal Penitentiary Service. Apart from this, a Russian shipbuilder was also targeted, which had helped in the production of 15 liquefied natural gas tankers.

Biden said that while the brave people of Ukraine have been fighting to protect their future and their freedom, NATO is now more helpless and united than ever. He said that America wants to hold Russia accountable for its aggression in support of Ukraine. Let us tell you that America has imposed a strict ban on about 100 Russian firms.