The US on Friday imposed sanctions on more than 500 people and entities linked to Russia's war machine, the largest package of punitive actions Washington has taken since Moscow launched its invasion of Ukraine in 2022.
“Ukraine is still standing, Ukraine is still free. The people of Ukraine remain unbowed and unbroken in the face of [Russian President Vladimir] Putin's vigorous onslaught,” President Joe Biden said in remarks from the White House.
Mr Biden also warned Mr Putin would continue his offensive if he is not stopped in Ukraine.
The Treasury and State departments sanctioned 550 people because of Russia's repression, human rights abuses and its continued assault against Ukraine.
The measures, which come a week after Russian opposition leader Alexei Navalny died at a Russian penal colony in the Arctic Circle, also targeted three Russian officials connected to his death, the Treasury Department said.
Washington's sanctions target Russia's financial sector, defence industrial base and its procurement networks, while also aiming at those who have sought to evade prior sanctions across multiple continents.
Additionally, the US is putting sanctions on 100 entities for supporting Russia's war machine.
The sanctions are “going to have a growing and long-term impact on Russia”, Secretary of State Antony Blinken said during a news conference at the G20 summit in Brazil.
President Volodymyr Zelenskyy thanked the US for its action on Friday.
"I am grateful to the United States for imposing the largest single package of sanctions against Russia," he wrote in a post on X.
"We must deprive Putin’s Russia of all means and maximise the sanctions pressure so that Moscow can no longer finance its war."
Washington has imposed a raft of sanctions against Moscow since Mr Putin began his full-scale invasion of Ukraine two years ago.
In addition to punishing oligarchs and high-ranking members of the Kremlin, as well as those connected to Russia's procurement of drones from Iran, the US has also sought to hobble the Russian economy.
Among the harshest measures undertaken by the US and its allies was cutting of several Russian central banks from the SWIFT payments network.
Two years of the war in Ukraine – in pictures
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A soldier of the Ukrainian National Guard holds his position in the Serebryan Forest, in temperatures of -15°C in January 2024, in Kreminna, Donetsk Oblast. Getty Images -
Classmates play with rifles made from Lego blocks after school, in Vysokopillya, December 2023. Getty Images -
Leonid, a 38-year-old Ukrainian soldier suffering from severe mental trauma, cranial trauma and shrapnel wounds, does his physical training session at a psychiatric hospital in Kyiv, in October 2023. Getty Images -
Gravediggers make new graves for the victims of a recent Russian missile strike, at Hroza cemetery, in October 2023. Getty Images -
Oleksander, suffering from a hand injury, relaxes during a speleotherapy session, an alternative medicine respiratory therapy, at a rehabilitation center for soldiers in Kyiv, in October 2023. Getty Images -
Volodymyr assists his wife Anastasia, as she has contractions before the birth of their first baby, at a maternity hospital in Zaporizhzhia, in September 2023. Ukraine’s birth rate since the start of the war the country's birth rate has plummeted by 28 per cent. Getty Images -
Friends and relatives mourn the death of fighter pilot Andrii Pilshchykov, 30, who was killed along with two other pilots in a mid-air plane crash in Kyiv, in August 2023. Getty Images -
Ukrainian recruits salute the flag as they attend a commemorative service marking Ukraine's Independence Day, in August 2023, in a training camp in the south of England. Getty Images -
Damage from a missile that hit the Chernihiv Regional Academic Ukrainian Music and Drama Theatre, killilng seven people, in August 2023. Getty Images -
Ukrainian President Volodomyr Zelenskyy and Nato Secretary General Jens Stoltenberg speak to the media at the Nato Summit in July 2023, in Vilnius, Lithuania. Getty Images -
People wait for a transfer on a pontoon in a flooded area as the result of the Kakhovka dam destruction in June 2023 in Afanasiivka village, Mykolaiv region. Getty Images -
State workers and Ukrainian military personnel inspect the crater left behind by a missile strike in Dnipro, in May 2023. Getty Images -
A grad missile is launched on the Donetsk fron tline in April 2023. Getty Images -
A Ukrainian sniper with the 28th Brigade moves to a fighting position in a front-line trench facing Russian troops in March 2023 outside of Bakhmut. Getty Images -
A damaged bust of Vladimir Lenin lies in the street in March 2023 in in the strategic town of Lyman. Getty Images -
A member of Ukraine's 79th Air Assault Brigade fires a rocket-propelled grenade at Russian positions near Marinka in February 2023. Reuters -
Ukrainian President Volodymyr Zelenskyy addresses MPs in Westminster Hall, London, in February 2023. Getty Images -
Destroyed buildings 32km west of the front lines in Donetsk in January 2023. Getty Images -
An anti-aircraft gun in January 2023 fires at Russian positions near Bakhmut, Donetsk. Reuters -
Destruction in the village of Bohorodychne, Donetsk, in January 2023. AFP -
A Ukrainian artilleryman discards an empty shell on the outskirts of Bakhmut, eastern Ukraine, in December 2022. AFP -
Children receive presents from a Ukrainian soldier dressed as Santa on Christmas Eve 2022 in Sloviansk. Getty Images -
More than 1,000 missiles and rockets fired by Russian forces collected for cataloguing in Kharkiv in December 2022. Getty Images -
The Metro provides shelter as Russia launches another missile attack on Kyiv, Ukraine's capital, in December 2022. Getty Images -
Children at a PE class in Kyiv after Russia abandoned its attempt to seize the capital in November 2022. Getty Images -
A sniper searches for Russian positions on the bank of the Dnipro river in Kherson in November 2022. Getty Images -
Graffiti by Banksy on a wall among the debris in Borodyanka in November 2022. Getty Images -
Ukrainian flags flutter around graves in a cemetery for soldiers killed in action in Kharkiv in October 2022. Getty Images -
Parts of a drone, which Ukrainian authorities said was Iranian-made, after a Russian strike in Kyiv in October 2022. Reuters -
An elderly woman is helped across a damaged bridge in Bakhmut in October 2022. Getty Images -
Fuel tanks ablaze on damaged sections of the Kerch bridge in Crimea, in October 2022. Reuters -
A destroyed bridge makes crossing the Donets river difficult, in Staryi Saltiv, east of Kharkiv, in September 2022. AFP -
Firefighters at a thermal power plant in Kharkiv damaged by a Russian missile strike in September 2022. Reuters -
Ukrainian soldier Oleksandr with his daughter Nikole at Lviv railway station in August 2022. Getty Images -
Ukrainian President Volodymyr Zelenskyy and then-British prime minister Boris Johnson read a plaque in Kyiv in August 2022 dedicated to the latter for his support. Getty Images -
Destroyed Russian military equipment on Khreshchatyk street in Kyiv. The materiel was turned into an open-air military museum ahead of Ukraine's Independence Day on August 24. AFP -
Shakhtar Donetsk v Metalist Kharkiv kicks off the Ukrainian Premier League season in August 2022 amid fears of bomb and missile alerts. EPA -
Ukrainian servicemen fire an American-made 155mm M777 howitzer in July 2022 in the Kharkiv area. EPA -
A bomb crater on the Antonovsky bridge across the Dnipro river in Kherson, July 2022. AFP -
Maksym and Andrii with plastic guns at a 'checkpoint' they set up while playing in Kharkiv, July 2022. AP -
Ukrainian troops on Snake Island in June 2022. Reuters -
A woman evacuated from an area of conflict in June 2022 contemplates what the next move might be. AP -
Romanian President Klaus Iohannis, Italian Prime Minister Mario Draghi, Ukrainian President Volodymyr Zelenskyy, French President Emmanuel Macron and German Chancellor Olaf Scholz in Kyiv in June 2022. Getty Images -
Graves in Irpin cemetery, May 2022. Getty Images -
A Ukrainian soldier trapped within the besieged Azovstal Iron and Steel Works complex in Mariupol in May 2022. Reuters -
The wreckage of a Russian helicopter in a bomb-cratered field in Biskvitne, May 2022. Getty Images -
A Ukrainian army officer inspects a grain warehouse shelled by Russian forces in May 2022 near Novovorontsovka, Kherson. Getty Images -
A boy from Mariupol arriving at an evacuation point in Zaporizhzhia in May 2022. Getty Images -
A Russian serviceman on guard outside Zaporizhzhia nuclear power station in May 2022. AFP -
Oksana searches for salvageable items on the destroyed second floor of her home in Hostomel, April 2022. Getty Images -
A floral memorial wall in Lviv for Ukrainian civilians killed during the Russian invasion, April 2022. Getty Images -
People fleeing Lviv, eastern Ukraine, in April 2022, wait for a bus that will take them to Poland. Getty Images -
A Russian soldier patrols a bombed Mariupol theatre in April 2022, as Moscow intensified its campaign to take the strategic port city. AFP -
A Ukrainian celebrates success in Hostomel in April 2022. Getty Images -
Julia Palovskaya reads to children during an air raid drill in the basement shelter at a preschool in Lviv, April 2022. Getty Images -
Volodymyr Zelenskyy in Bucha in April 2022, where hundreds of bodies were found in the street and it was claimed the Russian leadership was responsible for killing civilians. AFP -
Oleh Smolin, 23, who suffered leg injuries from Russian shelling in April 2022, in hospital in Chuhuiv. Getty Images -
Fleeing refugees arrive at the border train station of Zahony, Hungary, in March 2022. Getty Images -
A father says goodbye to his daughter on an evacuation train about to leave Odesa in March 2022. AFP -
February 24 will be a year since Russia started the Ukraine war. The National picks out the most powerful images from the conflict. AFP -
Ukrainians under a destroyed bridge as they try to cross the Irpin river on the outskirts of Kyiv in March 2022. AP -
People cram into Kyiv station to catch trains to Poland or to western parts of Ukraine, shortly after the initial invasion in February 2022. Getty Images -
A demonstration in support of Ukraine in Trafalgar Square, London, February 2022 . Getty Images -
Russian army vehicles in Armyansk, Crimea, in February 2022. AFP -
Volodymyr Zelenskyy in Kyiv on February 25, 2022, in a video on Facebook. He said 'we are all here', shortly after the Russian invasion began. AFP -
A residential building damaged by a missile strike in Kyiv in February 2022. Getty Images -
A metro station in Kyiv in February 2022, crowded with people trying to escape the invasion. AFP -
A police officer addresses people gathered to protest against the invasion of Ukraine, in central Saint Petersburg, Russia, February 2022. AFP -
A protester in support of Ukraine, in Berlin, Germany, in February 2022. Getty Images -
Ukrainian soldiers prepare to repel an attack in Ukraine's Lugansk region on February 24, 2022. AFP -
Volodymyr Zelenskyy in Kyiv on February 24, 2022, after Russia launched a full-scale invasion. AFP -
A mass exodus from Kyiv after pre-offensive missile strikes by Russian armed forces on February 24, 2022. Getty Images -
Security personnel inspect the remains of a shell in Kyiv on February 24, 2022, soon after Russian President Vladimir Putin announced a military operation in Ukraine. AFP -
CCTV footage shows Russian military equipment crossing a Crimea border checkpoint on February 24, 2022. AFP -
Russian President Vladimir Putin in the Kremlin early on February 24, 2022, when he announced a 'military operation' in Ukraine. AFP
Banishing the Russian banks from SWIFT has significantly limited Russia's ability to transfer assets abroad or obtain foreign currency. It has also impacted Russian citizens, who have been unable to use their credit cards when travelling outside the country.
After shrinking in 2022, Russia's economy grew by 3.6 per cent last year and is projected to increase by 2.6 per cent this year, according to figures from the International Monetary Foundation.
However, this growth largely reflects military spending, which is expected to increase by 70 per cent this year.
“For the first time in modern Russian history, the 2024 budget allocates more to military expenditures than social policy,” US Deputy Secretary of the Treasury Wally Adeyemo said in prepared remarks at the Council on Foreign Relations in New York.
Washington also imposed new price cap sanctions on Russian oil, building on measures the US and allies implemented in 2022 to stabilise the energy market while also limiting Russian profits.
“Unsurprisingly, the Kremlin is investing time and resources into evading the price cap. And in response, we have further cracked down, enforcing and adjusting the price cap to make the Kremlin’s costs rise and profits fall,” Mr Adeyamo he said.
Russia's ambassador to the US, Anatoly Antonov, said the sanctions would not stop Moscow from protecting its interests, the RIA news agency reported.
As the US marked the second anniversary of the war in Ukraine with its sanctions package, Mr Biden's administration also warned failure by Congress to deliver more aid to Kyiv would have devastating consequences.
“Today’s grim milestone should spur us all to decide what kind of future we want for our children and grandchildren: an open, secure, and prosperous world of rules and rights, or the violent and lawless world of aggression and chaos that Putin seeks,” Defence Secretary Lloyd Austin said.
The Republican-led US House of Representatives thus far has shown little appetite for moving on a $95 billion security package passed by the Senate, of which $60 billion would be for Ukraine's defensive purposes.
Ukrainian forces have already begun facing the consequences of dried-up aid after withdrawing from Avdiivka in Donetsk.
Meanwhile, Senate Majority Leader Chuck Schumer led a delegation to Kyiv on Friday to demonstrate Washington's continued support of Ukraine.
“When we return from Ukraine, we will make clear exactly what is at stake here in Ukraine, for the rest of Europe, for the free world,” he said.
Before the sanctions announcement, the Justice Department on Thursday also announced a series of charges and forfeiture proceedings against criminal networks aiding Russia's war efforts.
