The United States has imposed new sanctions against Russia. The aim of the sanctions is to weaken Russia’s ability to continue the conflict in Ukraine and extract the resources used to support it. On February 24, the U.S. expanded the sanctions against Russia, listing 22 individuals and 83 legal entities of the Russian Federation. The U.S. Treasury website stated that the sanctions were intended to reduce Russia’s ability to continue the war against Ukraine and obtain the resources it needs. The restrictions included the metallurgical and mining sectors of the Russian economy. Additionally, the U.S. government is increasing efforts to counter Russian attempts to evade sanctions, including the illegal trafficking of weapons and financing, by imposing sanctions on more than 30 people and companies from third countries associated with such evasion.

It is worth noting that U.S. and international sanctions have already been imposed on Russian banks, which make up over 80% of the total assets of the Russian banking sector. On top of that, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has recently added more than 10 financial institutions in Russia to its sanctions list, including one of the top ten banks in terms of asset value.

According to the U.S. Treasury, these sanctioned entities are known to be turning to smaller banks and wealth management companies in an effort to circumvent the sanctions, as Russia seeks new ways to access the international financial system. The new U.S. sanctions specifically target a number of Russian banks, including Moscow Credit Bank, Lanta Bank, Commercial Bank Metallurgical Investment Bank, MTS Bank, Novosibirsk Social Commercial Bank Levoberezhny, Bank Saint-Petersburg, Bank Primorye, SDM-Bank, Ural Bank for Reconstruction and Development, Bank Uralsib, Bank Zenith, and related financial institutions.

The U.S. State Department has imposed sanctions on a number of Russian individuals and entities, including visa and financial restrictions. The list includes nine Russian ministers and 47 heads of federal units in Russia. Sanctions were also imposed on propagandist Olga Skabeeva, the leader of the LNR Leonid Pasechnik, the leader of the battalion of militants Sparta and Vladimir Zhoga, the father of its deceased founder, and PMC Redoubt.

Moreover, the U.S. State Department has imposed visa restrictions on 1,219 Russian military personnel, including officers.