The United States would sanction more than 500 targets on Friday to mark the second anniversary of the war between Russia and Ukraine, Deputy US Treasury Secretary Wally Adeyemo announced.
Tomorrow we’ll release hundreds of sanctions just here in the United States, but it’s important to step back and remember that it’s not just America taking these actions.
The restrictions target Russia’s military-industrial complex and companies in third countries that make it easier for Russia to access foreign goods.
President Joe Biden’s administration has run out of money previously approved for Ukraine, with a request for additional funds stuck in the Republican-controlled House of Representatives.
“But ultimately, in order to speed Ukraine up, to give them the ability to defend themselves, Congress needs to act to give Ukraine the resources that they need and the weapons they need.”
In December, the Finance Ministry stated that the Russian economy suffered from sanctions, contracting by 2.1 per cent in 2022. However, the economy has exceeded expectations, with the International Monetary Fund in January forecasting GDP growth of 2.6 per cent in 2024.
Yet IMF spokeswoman Julie Kozack declared on Thursday that it was “clear that Russia is now in a war economy,” with military spending fuelling arms production and state social payments supporting consumption.
