The US said sanctions were also imposed in response to the death of Russian opposition leader Alexei Navalny recently.

The US Department of the Treasury said in a statement: " Today, marking Russia’s two years of unprovoked and unlawful full-scale war against Ukraine and in response to the death of opposition politician and anticorruption activist Aleksey Navalny, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning almost 300 individuals and entities."

"Together with actions from the U.S. Department of State (State), this is the largest number of sanctions imposed since Russia’s full-scale invasion of Ukraine. State is designating three Government of Russia officials in connection with Navalny’s death; together, Treasury and State are sanctioning over 500 targets to impose additional costs for Russia’s repression, human rights abuses, and aggression against Ukraine," the statement said.

To deny Russia the resources necessary to support its war against Ukraine, the Treasury said it is designating targets including a major cog in Russia’s financial infrastructure; more than two dozen third-country sanctions evaders in Europe, East Asia, Central Asia, and the Middle East; and hundreds of entities in Russia’s military-industrial base and other key sectors.

“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,” said Secretary of the Treasury Janet L. Yellen.  “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. The Kremlin chooses to reorient its economy to build weapons to kill its neighbors at the expense of the economic future of its own people. But we must sustain our support for Ukraine even as we weaken Russia’s war machine. It’s critical that Congress steps up to join our allies around the world in giving Ukraine the means to defend itself and its freedom against Putin’s barbarous assault.”

Since February 2022, the U.S. government has deployed a number of economic tools aimed at 'disrupting and degrading Russia’s economy and war machine'.

"Over the last two years, including today, the Departments of the Treasury and State have designated over 4,000 entities and individuals pursuant to Russia-related sanctions authorities. Treasury’s actions, alongside those of its partners across the globe, are restricting Russia’s ability to generate the revenue it needs to fund its war and disrupting the Kremlin’s efforts to build a wartime economy," the statement said.

What happened to Navalny?

47-year-old Alexey Navalny died in an Arctic prison on Friday (February 16, 2024).

He was serving a 19-year term.

Alexey Navalny felt unwell in prison after a walk and lost consciousness. He received all necessary resuscitation measures, but they did not yield positive results, the Federal Ptnitentiary Service stated as quoted by Russia's Sputnik news agency.

President Vladimir Putin did not comment on the issue since his death was announced.

Several world leaders, including Canadian PM Justin Trudeau and US President Joe Biden, have slammed Putin over the politician's death.