The U.S Deputy Treasury Secretary Wally Adeyemo said the United States planned on imposing more sanctions on Russian targets after the war with Ukraine inched a second year of battle.
The action is to be taken in partnership with other U.S allied countries and is to target the Russian military industrial complex and countries in third world that facilitate Russia's access to the goods it wants, Adeyemo said.
Washington is also seeking to hold Russia to count over the two year and likewise the death of former Kremlin critic Alexei Navalny.
" Tomorrow well release hundreds of sanctions just here in the United States but its important to step back and remember that its not only America taking these actions, Adeyemo said.
The package will be the latest of thousands of sanctions targeting Moscow announced by the United States and it's allies following the Russian invasion of Ukraine in February 2022, which has killed tens of thousands and destroyed several cities.
The new penalties come as the U.S and its allies look to maintain pressure on Russia despite doubts over whether the U.S Congress will approve additional security assistance for Kyiv.
President Joe Biden's administration has exhausted money previously approved for Ukraine and a request for additional funds is languishing in the Republican controlled House of Representatives.
" Sanctions and export controls are geared towards slowing down Russia and making it hard for them to fight their war of choice in Ukraine, Adeyemo added.
But ultimately inorder to speed Ukraine up and give more capability to defend themselves, the Congress needs to act fast in giving Ukraine the weapons and resources that they need.
Experts have warned that sanctions are not enough to stop Moscow's attacks.
The treasury department had earlier on said that the Russian economy had been hit by sanctions, contracting by 2.1% in 2022 but still Russia's economy has performed above expectations with the lnternational Monetary Fund forecasting a 2.6% GDP growth for 2024.
This would make it a solid 1.5% point upgrade from an October estimate after a 3.0% growth in 2023.
But the IMF spokesperson Julie Kozack said clearly that Russia is now a war economy characterised by high military expenditures geared towards boosting weapon production.
The government has also carried out social transfers which will increase the military spending to 64% from 56% of the total annual budget making Russia the nation with the second biggest defence budget in the world after the United States.
The sanctions aimed at Russia before have failed elsewhere due to the Moscow administration's ability to manipulate them and we apparently wait to see how these new releases would fair.
