The US has announced its largest single package of sanctions against Russia ahead of the two-year anniversary of Vladimir Putin’s full-scale invasion of Ukraine.
More than 500 targets will be sanctioned in the latest package, Deputy US Treasury Secretary Wally Adeyemo said, including from Russia’s military industrial complex and companies in third countries that facilitate the Kremlin’s access to goods it wants.
“Sanctions and export controls are geared towards slowing Russia down, making it harder for them to fight their war of choice in Ukraine,” Mr Adeyemo said.
It comes as the UK announced a fresh package of sanctions on Thursday against 50 individuals and businesses supplying Russia’s “depleted armoury with munitions such as rocket launch systems, missiles and explosives”, a statement read.
The two packages are the latest of thousands of sanctions intended to isolate Moscow - but Russia’s economy, now fully on a war-footing, has nonetheless shown surprising growth.
Last month, the International Monetary Fund (IMF) forecasted Russia’s GDP to grow by 2.6 per cent, faster than any G7 nation this year.