In the aftermath of Russian opposition leader Alex Navalny's death, the United States Department of Justice has imposed sanctions on a multitude of Russian companies. This action is aimed at further curtailing Russia's capacity to finance the ongoing war in Ukraine. The full-scale, unprovoked conflict initiated by Russia against Ukraine has now been raging for two years.
Secretary of the Treasury Janet L. Yellen expressed her views on this matter, stating, "This solemn anniversary and Aleksey Navalny’s death in Russian custody are stark and tragic reminders of Putin’s brazen disregard for human life, from Ukrainians suffering the costs of his unprovoked war to people across Russia who dare to expose the corrupt abuses that fuel his regime." She continued, "Russia’s economy and military-industrial base are showing clear signs of weakness in part due to the actions we, along with our partners and allies around the world, have taken to support Ukraine’s brave defense. Putin has mortgaged the present and future of the Russian people for his own aims to subjugate Ukraine."
As per a press release issued by the Department of Justice, sanctions have been placed on over 500 entities that bolster Russia's cause. These measures are intended to counteract human rights abuses, repression, and aggression inflicted by Russia upon Ukraine. The targets aim to disrupt Russia's financial infrastructure. Among these sanctions are two dozen targeted at evaders located in Europe, East Asia, Central Asia, and the Middle East. Since the inception of this war, more than 4,000 entities supporting Russia have been sanctioned by the Department of Treasury.
The department also released an analysis illustrating the effects of phase two price cap imposition on Russian oil exports. Conducted by Assistant Secretary for Economic Policy Eric Van Nostrand and Acting Assisting Secretary for Terrorist Financing and Financial Crimes Anna Morris, this analysis reveals that since this second phase was introduced, Russia has been compelled to sell its oil at a significant discount. Although the volume of Russian oil has remained stable over the past four months, profits derived from these sales have diminished due to the oil price cap.
