US to impose sanctions on over 500 targets on anniversary of Ukraine war

In response to Russia's invasion of Ukraine, the United States is set to impose sanctions on more than 500 targets on Friday, marking the second anniversary of the conflict.

In an interview with Reuters,Deputy US Treasury Secretary Wally Adeyemo said that this action aims to target Russia's military-industrial complex and companies in third countries facilitating Russia's access to desired goods.

The move underscores Washington's determination to hold Russia accountable for its actions, including the war in Ukraine and the death of opposition leader Alexei Navalny.

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Adeyemo emphasised the collective nature of these sanctions, stating, "It's important to step back and remember that it's not just America taking these actions."

This coordinated effort reflects the resolve of the US and its allies to maintain pressure on Russia, despite challenges such as uncertainties regarding additional security assistance for Kyiv.

While President Joe Biden's administration has depleted previously approved funds for Ukraine, efforts to secure additional resources face obstacles in the Republican-controlled House of Representatives.

The forthcoming sanctions package represents the latest in a series of measures aimed at Moscow since the 2022 invasion of Ukraine, which has resulted in significant casualties and widespread destruction.

Despite the imposition of thousands of sanctions by the United States and its allies, concerns persist about the efficacy of these measures in halting Russia's aggression.

Experts caution that congressional action to provide additional military assistance to Ukraine is crucial for bolstering the country's defense capabilities.

According to assessments by the Treasury Department, the sanctions have impacted Russia's economy, contributing to a 2.1 per cent contraction in 2022.

However, Russia's economic performance has exceeded expectations, with the International Monetary Fund (IMF) upgrading its GDP growth forecast for 2024 to 2.6 per cent - a notable improvement from previous estimates.

IMF has dubbed Russia as a "war economy" due to increased military expenditures, government support for consumption, and rising inflation.

(With inputs from Reuters)