WASHINGTON - In commemoration of the second anniversary of Russia's invasion of Ukraine, the United States is set to unveil sanctions targeting over 500 entities on Friday, according to Deputy U.S. Treasury Secretary Wally Adeyemo. This move, undertaken in collaboration with other nations, aims to penalize Russia's military-industrial complex and companies aiding Russia's procurement efforts, in response to the conflict and the demise of opposition figure Alexei Navalny.

Adeyemo emphasized that these sanctions represent a collective effort beyond just the United States. The package marks the latest in a series of sanctions imposed by the U.S. and its allies since the 2022 invasion, which has resulted in significant casualties and extensive urban destruction in Ukraine.

Despite doubts surrounding the approval of additional security assistance for Kyiv by the U.S. Congress, President Joe Biden's administration is pushing for further support. The administration has already depleted previously allocated funds for Ukraine, with a request for additional aid awaiting action in the Republican-controlled House of Representatives.

While sanctions and export controls aim to impede Russia's military operations in Ukraine, experts caution that they might not suffice to halt Moscow's aggressive maneuvers. Peter Harrell, a former National Security Council official, stressed the crucial role of Congress in providing military assistance to Ukraine.

The Treasury Department's assessment in December revealed a contraction of 2.1% in Russia's economy in 2022 due to the impact of sanctions. However, Rachel Lyngaas, the Chief Sanctions Economist, noted that the Russian economy has still outperformed expectations. Despite facing challenges such as rising inflation and increased military spending, the International Monetary Fund upgraded its GDP growth forecast for Russia to 2.6% in 2024, reflecting the country's resilience amidst economic pressures stemming from the conflict.