Biden slaps sanctions on 500 targets in Russia 'war machine'

WASHINGTON, United States — US President Joe Biden announced sanctions against Russia Friday, on over 500 targets, to mark the second anniversary of Moscow's invasion of Ukraine while vowing sustained pressure to stop President Vladimir Putin's "war machine."

The sanctions, described as the largest single tranche since the start of the war, also seek to impose a cost for the death last week in a Siberian prison of Putin's most vocal critic, Alexei Navalny -- with measures taken against three officials.

But they stopped short of potentially game-changing moves under consideration such as funding Ukraine by seizing assets from Russia, whose economy has kept growing despite two years of pressure.

The new economic effort comes as Russia makes its first gains in months on the battlefield in Ukraine, which has been forced to ration ammunition as a political impasse in Washington blocks new US military aid.

Speaking on the eve of the second anniversary since the war started, Biden said: "We can't walk away now."

The latest sanctions notably target the Mir credit card system, set up by Russia to avoid reliance on US-based networks.

The Treasury Department also said it was targeting investment funds and regional banks to hit "Russia's core financial infrastructure."

Key businesses targeted include Russian transportation logistics company JSC SUEK, said to serve the Russian defense ministry, and specialty steel producer Mechel.

Others were in 3D printing, lubricants, robotics and automation. The actions also impact entities and individuals in countries including China and the United Arab Emirates.

The sanctions "will ensure Putin pays an even steeper price for his aggression abroad and repression at home," Biden said in a statement.

"We are also imposing new export restrictions on nearly 100 entities for providing backdoor support for Russia's war machine," he said.

The United States and its allies have imposed a slew of measures against Russia since the start of the war, including blocking financial assets, restricting high-tech exports and setting an official cap on the sale price of Russia's oil exports.

Despite US-led pressure, the Russian economy grew by more than