Biden Administration Imposes New Sanctions on Russia Over Navalny’s Death and Ukraine Conflict

The Biden administration announced a significant round of sanctions against Russia on February 23, 2024, targeting top Russian companies and business leaders, both within and outside of Russia. The sanctions were imposed in response to the sudden death of Russian opposition leader Alexey Navalny and Russia’s ongoing invasion of Ukraine.

The sanctioned entities outside Russia are mostly connected to businesses providing materials to Russia’s military. The sanctions include 26 entities and people in 11 countries, including China, the United Arab Emirates, Vietnam, and Liechtenstein.

Deputy Treasury Secretary Wally Adeyemo stated that Putin has tasked the Russian security and intelligence services with finding ways to evade the sanctions, particularly in relation to obtaining key components like semiconductors and machine tools. The U.S. strategy is to make it more difficult for Russia to use the supply chain to build the weapons it needs.

The U.S. sanctions were issued in partnership with sanctions from the United Kingdom and European Union. These sanctions do not target Russian sovereign assets or the important Russian fertilizer market.

President Biden had previously warned of the sanctions after blaming Putin for Navalny’s death. He met with Navalny’s wife and daughter, Yulia and Dasha Navalnaya, in California. Biden had stated that there was “no doubt” Putin’s government was responsible for Navalny’s death.

Navalny, a staunch critic of the war in Ukraine, died in a Russian penal colony on February 13, 2024, after losing consciousness on a walk. He had been imprisoned since 2021 after surviving an assassination attempt by poisoning.

Russian officials claimed that Navalny lost consciousness while on a walk in the Arctic penal colony where he was transferred last year. However, it was difficult to trust the Russians’ explanation about what caused the dissident’s death.

The death of Navalny comes as the conflict in Ukraine enters its third year, and Washington remains divided over providing more aid to Ukraine. Kirby stated that one of the most powerful things the U.S. could do to stand up to Putin was to pass the bipartisan national security supplemental bill and support Ukraine as they continue to fight bravely in defense of their country.

The Biden administration has imposed a range of economic sanctions on Russia since the start of the war, including cutting off Russian banks and companies from western financial markets and freezing billions in Russian assets. The latest round of sanctions follows an agreement by European Union members to impose more Ukraine-related sanctions targeting about 200 additional entities and individuals with travel bans and restrictions on financial transactions.

Despite the sanctions, Russia’s economy is expected to grow steadily by 2.6% in 2024 after having “stronger-than-expected” growth in 2023, according to the International Monetary Fund. The West’s effort to cap Russia’s oil revenues since the start of the war has not starved the Kremlin’s revenues. The U.S. led its international allies in late 2022 to impose a $60-a-barrel price cap on Russian oil shipments, but there has been widespread circumvention.

Swift, a national security lawyer with Foley and Lardner LLP who previously helped enforce Treasury sanctions, noted that sanctions targeting the energy sector have been less effective than those on the banking sector. However, there has been a fair amount of effort from Russian oligarchs to evade sanctions.

“There’s only so many yachts that an oligarch can lose before they start finding other places to hide their money,” Swift said. But that doesn’t mean sanctions overall haven’t been effective, because they are designed to make things harder for the adversary, not to defeat the adversary.

The sanctions that the U.S. and its allies have imposed have been highly effective in doing the things that those sanctions are designed to do, which is cut Russia off from the West. Russia has simply found other markets. What Russia has done is it’s just adapted and it’s gone to China and India and Iran.

The conflict in Ukraine and the death of Navalny have put renewed pressure on the Biden administration to take a tougher stance against Russia. The U.S. and its allies have imposed a range of economic sanctions on Russia since the start of the war, but the latest round of sanctions is the largest since Russia invaded Ukraine two years ago. The sanctions are intended to exert more pressure on Russian President Vladimir Putin over the invasion and Navalny’s death.

The sanctions target top Russian companies, including Mechel, the leading manufacturer of specialty steel used in Russia’s attack helicopters, and JSC SUEK, a railroad logistics company. MIR, the Central Bank of Russia’s national payment processing system, has also been sanctioned, along with business leaders inside and outside of Russia.

The sanctioned entities outside Russia are mostly connected to businesses providing materials to Russia’s military. The sanctions include 26 entities and people in 11 countries, including China, the United Arab Emirates, Vietnam, and Liechtenstein.

Deputy Treasury Secretary Wally Adeyemo stated that Putin has tasked the Russian security and intelligence services with finding ways to evade the sanctions, particularly in relation to obtaining key components like semiconductors and machine tools. The U.S. strategy is to make it more difficult for Russia to use the supply chain to build the weapons it needs.

The U.S. sanctions have been issued in partnership with sanctions from the United Kingdom and European Union. These sanctions do not target Russian sovereign assets or the important Russian fertilizer market.

President Biden warned of the sanctions earlier this week after blaming Putin for Navalny’s death. He met with Navalny’s wife and daughter, Yulia and Dasha Navalnaya, in California. Biden had stated that there was “no doubt” Putin’s government was responsible for Navalny’s death.

Navalny, a staunch critic of the war in Ukraine, died in a Russian penal colony on February 13, 2024, after losing consciousness on a walk. He had been imprisoned since 2021 after surviving an assassination attempt by poisoning.

Russian officials claimed that Navalny lost consciousness while on a walk in the Arctic penal colony where he was transferred last year. However, it was difficult to trust the Russians’ explanation about what caused the dissident’s death.

The death of Navalny comes as the conflict in Ukraine enters its third year, and Washington remains divided over providing more aid to Ukraine. Kirby stated that one of the most powerful things the U.S. could do to stand up to Putin was to pass the bipartisan national security supplemental bill and support Ukraine as they continue to fight bravely in defense of their country.

The Biden administration has imposed a range of economic sanctions on Russia since the start of the war, including cutting off Russian banks and companies from western financial markets and freezing billions in Russian assets. The latest round of sanctions follows an agreement by European Union members to impose more Ukraine-related sanctions targeting about 200 additional entities and individuals with travel bans and restrictions on financial transactions.

Despite the sanctions, Russia’s economy is expected to grow steadily by 2.6% in 2024 after having “stronger-than-expected” growth in 2023, according to the International Monetary Fund. The West’s effort to cap Russia’s oil revenues since the start of the war has not starved the Kremlin’s revenues. The U.S. led its international allies in late 2022 to impose a $60-a-barrel price cap on Russian oil shipments, but there has been widespread circumvention.

Swift, a national security lawyer with Foley and Lardner LLP who previously helped enforce Treasury sanctions, noted that sanctions targeting the energy sector have been less effective than those on the banking sector. However, there has been a fair amount of effort from Russian oligarchs to evade sanctions.

“There’s only so many yachts that an oligarch can lose before they start finding other places to hide their money,” Swift said. But that doesn’t mean sanctions overall haven’t been effective, because they are designed to make things harder for the adversary, not to defeat the adversary.

The sanctions that the U.S. and its allies have imposed have been highly effective in doing the things that those sanctions are designed to do, which is cut Russia off from the West. Russia has simply found other markets. What Russia has done is it’s just adapted and it’s gone to China and India and Iran.

The conflict in Ukraine and the death of Navalny have put renewed pressure on the Biden administration to take a tougher stance against Russia. The U.S. and its allies have imposed a range of economic sanctions on Russia since the start of the war, but the latest round of sanctions is the largest since Russia invaded Ukraine two years ago. The sanctions are intended to exert more pressure on Russian President Vladimir Putin over the invasion and Navalny’s death.

The sanctions target top Russian companies, including Mechel, the leading manufacturer of specialty steel used in Russia’s attack helicopters, and JSC SUEK, a railroad logistics company. MIR, the Central Bank of Russia’s national payment processing system, has also been sanctioned, along with business leaders inside and outside of Russia.

The sanctioned entities outside Russia are mostly connected to businesses providing materials to Russia’s military. The sanctions include 26 entities and people in 11 countries, including China, the United Arab Emirates, Vietnam, and Liechtenstein.

Deputy Treasury Secretary Wally Adeyemo stated that Putin has tasked the Russian security and intelligence services with finding ways to evade the sanctions, particularly in relation to obtaining key components like semiconductors and machine tools. The U.S. strategy is to make it more difficult for Russia to use the supply chain to build the weapons it needs.

The U.S. sanctions have been issued in partnership with sanctions from the United Kingdom and European Union. These sanctions do not target Russian sovereign assets or the important Russian fertilizer market.

President Biden warned of the sanctions earlier this week after blaming Putin for Navalny’s death. He met with Navalny’s wife and daughter, Yulia and Dasha Navalnaya, in California. Biden had stated that there was “no doubt” Putin’s government was responsible for Navalny’s death.

Navalny, a staunch critic of the war in Ukraine, died in a Russian penal colony on February 13, 2024, after losing consciousness on a walk. He had been imprisoned since 2021 after surviving an assassination attempt by poisoning.

Russian officials claimed that Navalny lost consciousness while on a walk in the Arctic penal colony where he was transferred last year. However, it was difficult to trust the Russians’ explanation about what caused the dissident’s death.

The death of Navalny comes as the conflict in Ukraine enters its third year, and Washington remains divided over providing more aid to Ukraine. Kirby stated that one of the most powerful things the U.S. could do to stand up to Putin was to pass the bipartisan national security supplemental bill and support Ukraine as they continue to fight bravely in defense of their country.

The Biden administration has imposed a range of economic sanctions on Russia since the start of the war, including cutting off Russian banks and companies from western financial markets and freezing billions in Russian assets. The latest round of sanctions follows an agreement by European Union members to impose more Ukraine-related sanctions targeting about 200 additional entities and individuals with travel bans and restrictions on financial transactions.

Despite the sanctions, Russia’s economy is expected to grow steadily by 2.6% in 2024 after having “stronger-than-expected” growth in 2023, according to the International Monetary Fund. The West’s effort to cap Russia’s oil revenues since the start of the war has not starved the Kremlin’s revenues. The U.S. led its international allies in late 2022 to impose a $60-a-barrel price cap on Russian oil shipments, but there has been widespread circumvention.

Swift, a national security lawyer with Foley and Lardner LLP who previously helped enforce Treasury sanctions, noted that sanctions targeting the energy sector have been less effective than those on the banking sector. However, there has been a fair amount of effort from Russian oligarchs to evade sanctions.

“There’s only so many yachts that an oligarch can lose before they start finding other places to hide their money,” Swift said. But that doesn’t mean sanctions overall haven’t been effective, because they are designed to make things harder for the adversary, not to defeat the adversary.

The sanctions that the U.S. and its allies have imposed have been highly effective in doing the things that those sanctions are designed to do, which is cut Russia off from the West. Russia has simply found other markets. What Russia has done is it’s just adapted and it’s gone to China and India and Iran.

The conflict in Ukraine and the death of Navalny have put renewed pressure on the Biden administration to take a tougher stance against Russia. The U.S. and its allies have imposed a range of economic sanctions on Russia since the start of the war, but the latest round of sanctions is the largest since Russia invaded Ukraine two years ago. The sanctions are intended to exert more pressure on Russian President Vladimir Putin over the invasion and Navalny’s death.

The sanctions target top Russian companies, including Mechel, the leading manufacturer of specialty steel used in Russia’s attack helicopters, and JSC SUEK, a railroad logistics company. MIR, the Central Bank of Russia’s national payment processing system, has also been sanctioned, along with business leaders inside and outside of Russia.

The sanctioned entities outside Russia are mostly connected to businesses providing materials to Russia’s military. The sanctions include 26 entities and people in 11 countries, including China, the United Arab Emirates, Vietnam, and Liechtenstein.

Deputy Treasury Secretary Wally Adeyemo stated that Putin has tasked the Russian security and intelligence services with finding ways to evade the sanctions, particularly in relation to obtaining key components like semiconductors and machine tools. The U.S. strategy is to make it more difficult for Russia to use the supply chain to build the weapons it needs.

The U.S. sanctions have been issued in partnership with sanctions from the United Kingdom and European Union. These sanctions do not target Russian sovereign assets or the important Russian fertilizer market.

President Biden warned of the sanctions earlier this week after blaming Putin for Navalny’s death. He met with Navalny’s wife and daughter, Yulia and Dasha Navalnaya, in California. Biden had stated that there was “no doubt” Putin’s government was responsible for Navalny’s death.

Navalny, a staunch critic of the war in Ukraine, died in a Russian penal colony on February 13, 2024, after losing consciousness on a walk. He had been imprisoned since 2021 after surviving an assassination attempt by poisoning.

Russian officials claimed that Navalny lost consciousness while on a walk in the Arctic penal colony where he was transferred last year. However, it was difficult to trust the Russians’ explanation about what caused the dissident’s death.

The death of Navalny comes as the conflict in Ukraine enters its third year, and Washington remains divided over providing more aid to Ukraine. Kirby stated that one of the most powerful things the U.S. could do to stand up to Putin was to pass the bipartisan national security supplemental bill and support Ukraine as they continue to fight bravely in defense of their country.

The Biden administration has imposed a range of economic sanctions on Russia since the start of the war, including cutting off Russian banks and companies from western financial markets and freezing billions in Russian assets. The latest round of sanctions follows an agreement by European Union members to impose more Ukraine-related sanctions targeting about 200 additional entities and individuals with travel bans and restrictions on financial transactions.

Despite the sanctions, Russia’s economy is expected to grow steadily by 2.6% in 2024 after having “stronger-than-expected” growth in 2023, according to the International Monetary Fund. The West’s effort to cap Russia’s oil revenues since the start of the war has not starved the Kremlin’s revenues. The U.S. led its international allies in late 2022 to impose a $60-a-barrel price cap on Russian oil shipments, but there has been widespread circumvention.

Swift, a national security lawyer with Foley and Lardner LLP who previously helped enforce Treasury sanctions, noted that sanctions targeting the energy sector have been less effective than those on the banking sector. However, there has been a fair amount of effort from Russian oligarchs to evade sanctions.

“There’s only so many yachts that an oligarch can lose