President Biden said on Thursday the U.S. will impose sanctions on Russia on Friday, and according to the U.S. Treasury, over 500 targets will be affected.
The sanctions are expected to be imposed on the second anniversary of Russia’s occupation of Ukraine.
Reuters reported that Deputy U.S. Treasury Secretary Wally Adeyemo said the U.S. and other countries, in partnership, are targeting Russia’s military industrial complex along with companies in countries that help Russia access materials and goods it wants.
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The measures also come as the U.S. looks to hold Russian President Vladimir Putin accountable for the war with Ukraine and the death of Alexei Navalny, leader of the Russian opposition.
"[Friday] we'll release hundreds of sanctions just here in the United States, but it's important to step back and remember that it's not just America taking these actions," Adeyemo said.
The deputy treasury secretary also said the sanctions are being made to ensure Russia cannot get the goods needed to build weapons, while also slowing down the country’s access to revenues needed to grow its economy and arsenal.
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The U.S. Treasury did not immediately respond to inquiries from Fox News Digital on the matter.
This package of sanctions is the latest of thousands of other sanctions against Russia, brought on by the U.S. and its allies after Russia invaded Ukraine in 2022.
Since its occupation of the country, Russia is responsible for killing tens of thousands and reducing cities to rubble.
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Earlier on Thursday, President Biden met in San Francisco, California with Yulia and Dasha Navalnaya, Navalny’s wife and daughter, respectively.
After the meeting, Biden told reporters he and his administration would be announcing sanctions against Putin, adding that the Russian president is responsible for Navalny’s death.
The White House also said in a statement that the Biden administration plans to announce new sanctions against Russia on Friday "in response to [Alexei’s] death, Russia’s repression and aggression, and its brutal and illegal war in Ukraine."
Reuters contributed to this report.
