US imposes 500 new sanctions against Russia: Key takeaways

February 23, 2024 at 1:14 PM

The Biden administration has issued new sanctions against Russia after the recent death of Russian opposition leader Alexei Navalny, a staunch critic of President Vladimir Putin. The announcement includes over 500 sanctions against Russia's military, payment systems, and more.

Yahoo Finance Senior Reporter Jennifer Schonberger joins the Live show to discuss the newest sanctions imposed by the United States, two years after Russia's invasion of Ukraine.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Nicholas Jacobino

Video Transcript

AKIKO FUJITA: Well, the Biden administration is announcing new sanctions against Russia in response to the recent death of Russian opposition leader Alexei Navalny and the wake of Russia's invasion of Ukraine. Let's bring in Yahoo Finance's Jen Schonberger to discuss more. And Jen, we should note that this marks two years since that invasion.

JENNIFER SCHONBERGER: That's right, Akiko. And to mark that two-year anniversary of Russia's invasion into Ukraine, the US Treasury in concert with the State Department are unleashing more than 500 new sanctions against Russia's military payment system and countries that have been assisting Russia.

Among the litany of new sanction targets announced today, one of Russia's financial rails of commerce underpinning what's known as the mere payment system. It's basically the alternative to Western processors like Visa and Mastercard, as well two top-50 companies by revenue in Russia and SPB Bank which is owned by Russia's second largest stock exchange.

The new sanctions would also hit the whole supply chain of Russia's defense industry, including defense companies, companies that help defense companies like machine tools, as well as companies in the automation, lubricants, robotics, and software areas. Treasury also targeting 37 entities and individuals and countries assisting Russia, including China, Serbia, and the United Arab Emirates.

The new sanctions come as the US tries to continue squeezing Russia and stop further attacks on Ukraine. At the same time, the administration is pushing House lawmakers to pass aid the Senate's already approved to Russia. Treasury Secretary Janet Yellen saying in a statement this morning, quote, "We must sustain our support for Ukraine even as we weaken Russia's war machine. It is critical that Congress steps up to join our allies around the world in giving Ukraine the means to defend itself and its freedom against Putin's barbarous assault."

Now, today's actions bring the total number of sanctions against Russia to 4,000 over the past 2 years. Guys?

RACHELLE AKUFFO: So Jennifer, with that in mind then, you mentioned 4,000 sanctions at this point. So how much pressure is this actually going to add? How effective could these new sanctions be realistically?

JENNIFER SCHONBERGER: Great question, Rachelle. Analysts are actually saying this is expected to deliver a limited blow. And the reason for that is that Biden administration is a bit limited in its options here. The administration in concert with Western allies have imposed an oil price cap, which the administration says is working.

If you look at Russia's economy, the number one revenue generator is oil and energy. And while that may be limiting Russia's revenues, it's not stopping them altogether. And Western allies and the US really want to avoid an outright oil embargo because that could send energy prices skyrocketing, which would be detrimental to the US and global economy.

Now, today, we also have Senator Schumer from the Senate leading a delegation in Ukraine to try to put pressure on House Republicans to pass aid for Ukraine that the Senate has already passed, unclear whether that is going to work in their favor as the Republican Party remains torn on this issue. The house not expected to be back in session until next Wednesday.

RACHELLE AKUFFO: I appreciate you getting us up to speed on all the latest there out of DC. Our very own Jennifer Schonberger, thanks so much.

AFP
Philippine coast guard says oil leaking from sunken tanker
Some of the 1.4 million litres of industrial fuel oil inside a sunken Philippine tanker has started to leak into Manila Bay, the coast guard said Saturday, calling for a suspension of fishing in the waterway. It took months to clean up after a tanker carrying 800,000 litres of industrial fuel oil sank off the central island of Mindoro last year, contaminating waters and beaches of the island and devastating the fishing and tourism industries.
AFP
Japan's Sado mines added to World Heritage list
A network of mines on a Japanese island infamous for using conscripted wartime labour was added to UNESCO's World Heritage register Saturday after South Korea dropped earlier objections to its listing.Also added to the list on Saturday was the Beijing Central Axis, a collection of former imperial palaces and gardens in the Chinese capital.
Associated Press
Mexican kingpin's arrest likely to set off violent jockeying for power
A new era is coming for Mexico’s powerful Sinaloa cartel in the wake of the capture by U.S. authorities of Ismael “El Mayo” Zambada, the last of the grand old Mexican drug traffickers. Experts believe his arrest will usher in a new wave of violence in Mexico even as Zambada could potentially provide loads of information for U.S. prosecutors. Zambada, who had eluded authorities for decades and had never set foot in prison, was known for being an astute operator, skilled at corrupting officials and having an ability to negotiate with everyone, including rivals.
Reuters
Philippines completes first South China Sea resupply mission since deal with Beijing
The Philippines on Saturday completed unimpeded a resupply trip to its troops at a disputed South China Sea shoal, its foreign ministry said, the first such mission under a new arrangement with China aimed at cooling tensions. The Philippines and China last week announced a "provisional agreement" on Manila's resupply missions to its contingent of troops on a naval ship grounded on the Second Thomas Shoal, after repeated clashes between vessels that have caused regional concerns about an escalation of hostilities. The Philippines intentionally immobilised the now rusty former U.S. vessel at the shoal in 1999 in an attempt to claim it as its territory and has since maintained a small rotational troop presence there, infuriating China, which has coast guard stationed in the area.
AFP
'Windmill love' sees Dutch artist become mill operator
Dutch artist Peet Wessels might not call it an obsession, but with over 100 images of windmills in her home, it's clear she's a big fan -- her walls practically whirl with admiration.- 'Not a fanatic' - Two of her favourites now hang in her kitchen: one work called "Dutch Skies" and another called "Dutch Landscape."
Associated Press
Justice Dept. claims TikTok collected US user views on issues like abortion and gun control
In a fresh broadside against one of the world’s most popular technology companies, the Justice Department late Friday accused TikTok of harnessing the capability to gather bulk information on users based on views on divisive social issues like gun control, abortion and religion. Government lawyers wrote in a brief filed to the federal appeals court in Washington that TikTok and its Beijing-based parent company ByteDance used an internal web-suite system called Lark to enable TikTok employees to speak directly with ByteDance engineers in China. TikTok employees used Lark to send sensitive data about U.S. users, information that has wound up being stored on Chinese servers and accessible to ByteDance employees in China, federal officials said.
CNN
The alleged Mexican drug cartel bosses arrested or extradited in recent years
Federal agents arrested two Mexican alleged cartel bosses on Thursday, including Joaquin Guzmán López, the son of infamous cartel boss Joaquin “El Chapo” Guzman, in one of the biggest victories for US law enforcement in recent years.
Reuters
Australia's Wong presses Myanmar generals to change tack ahead of Laos summits
Australia's foreign minister urged Myanmar's military rulers on Saturday to take a different path and end an intensifying civil war, as top diplomats of world powers gathered in Laos ahead of two summits seeking to tackle key global issues. Penny Wong said Australia was deeply concerned about the conflict in Myanmar since the generals seized power in a 2021 coup and urged them to abide by their commitment to follow a five-point consensus peace plan by the Association of Southeast Asian Nations (ASEAN).
AFP
US defends law forcing sale of TikTok app
The Justice Department late Friday filed its response to TikTok's civil suit aimed at derailing a law that would force the app to be sold or face a US ban.TikTok's suit in a Washington federal court argues that the law violates First Amendment rights of free speech.
CNN
Las Vegas man charged with threatening officials including the judge and prosecutor in the Trump hush money trial
A Las Vegas man has been charged with threatening to injure and kill government officials in three states and the District of Columbia, including the New York judge and prosecutor who handled former President Donald Trump’s criminal hush money trial, according to federal officials and court records.
Associated Press
California's largest wildfire explodes in size as fires rage across US West
California's largest active fire exploded in size on Friday evening, growing rapidly amid bone-dry fuel and threatening thousands of homes as firefighters scrambled to meet the danger. The Park Fire's intensity and dramatic spread led fire officials to make unwelcome comparisons to the monstrous Camp Fire, which burned out of control in nearby Paradise in 2018, killing 85 people and torching 11,000 homes. It stood at 480 square miles (1,243 square kilometers) on Friday night and was moving quickly north and east after igniting Wednesday when authorities said a man pushed a burning car into a gully in Chico and then calmly blended in with others fleeing the scene.
Associated Press
Philippine forces sail to hotly disputed shoal without incident for first time since deal with China
Philippine government personnel transported food and other supplies Saturday to a fiercely disputed shoal occupied by a Filipino navy contingent but closely guarded by Beijing’s forces in the South China Sea and no confrontations were reported, Philippine officials said. It was the first Philippine government supply trip to the Second Thomas Shoal, which has been the scene of increasingly violent confrontations between Chinese and Philippine forces, since the Philippines and China reached a deal a week ago to prevent clashes, the Department of Foreign Affairs in Manila said in a statement. "The lawful and routine rotation and resupply mission within the Philippines’ exclusive economic zone is a credit to the professionalism of the men and women of the Philippine navy and the Philippine coast guard and the close coordination among the National Security Council, Department of National Defense and the Department of Foreign Affairs,” the Philippine Foreign Affairs Department said, without providing other details.
Associated Press
'Gen Z feels the Kamalove': Youth-led progressive groups hope Harris will energize young voters
CHICAGO (AP) — “ Brats for Harris.” “ We need a Kamalanomenon. ” “ Gen Z feels the Kamalove.” In the days since President Joe Biden exited the presidential race and endorsed Vice President Kamala Harris, Gen Z voters jumped to social media to share coconut tree and “brat summer" memes — reflecting a stark shift in tone for a generation that's voiced feeling left behind by the Democratic party. Youth-led progressive organizations have warned for months that Biden had a problem with young voters, pleading with the president to work more closely with them to refocus on the issues most important to younger generations or risk losing their votes.
Associated Press
California date palm ranches reap not only fruit, but a permit to host weddings and quinceañeras
Claudia Lua Alvarado has staked her future on the rows of towering date palms behind the home where she lives with her husband and two children in a desert community east of Los Angeles. Lua Alvarado is one of several dozen owners of small ranches that produce dates and double as event venues catering to the Coachella Valley’s predominantly Latino community. “This is what sells our property,” said Lua Alvarado, a 49-year-old fashion designer who bought the 8-acre (3.2-hectare) plot seven years ago.
Associated Press
Trump returns to Minnesota with Midwesterner Vance to try to swing Democrat-leaning state
Donald Trump is taking his campaign back to Minnesota, a state that has favored Democrats but that the former president thinks could be in his reach this year. Trump is set to hold a rally Saturday night in St. Cloud, Minnesota, this time bringing along his running mate JD Vance and the expectation Trump will face Vice President Kamala Harris in November instead of President Joe Biden.
Associated Press
With trials pushed back, Trump sees first big dip in legal bills
As former President Donald Trump faces a supercharged Democratic fundraising effort, a persistent drag on his campaign’s coffers may be easing: legal expenses. A new report shows that the Save America political action committee paid about $827,000 in June for Trump's legal bills — the first time a monthly total has dipped below $1 million in two years. The Trump-aligned PAC has shelled out an average of nearly $4 million a month on such costs since July 2022, most of it on defending the former president in criminal and civil cases, according to an Associated Press analysis of campaign finance records.
Associated Press
Should you stretch before exercise? After? Never? Here’s what to know
Then, over the years, we were told it was better to stretch after exercise. Stretching can help make you more flexible, improve range of motion in your joints — and feel good. It’s almost always good to stretch, but it’s better if you warm up first, said Behm, author of “The Science and Physiology of Flexibility and Stretching.”
Reuters
China's foreign minister warns Philippines over US missile deployment
BEIJING (Reuters) -Chinese Foreign Minister Wang Yi has warned the Philippines over the U.S. intermediate-range missile deployment, saying such a move could fuel regional tensions and spark an arms race. The United States deployed its Typhon missile system to the Philippines as part of joint military drills earlier this year. It was not fired during the exercises, a Philippine military official later said, without giving details on how long it would stay in the country.
CNN
‘Every moment we live must be documented’: A doll, letters and keys help displaced Gazans hold onto their identity
The final lick of paint was barely dry on the Al-Hasanat home when war in Gaza erupted. A doll recovered from its wreckage is now a precious reminder of a lost life.
Associated Press
A look at 'El Mayo' Zambada, the kingpin of Mexico's Sinaloa drug cartel who is now in US custody
Ismael “El Mayo” Zambada, the top leader and co-founder of Mexico's Sinaloa cartel, eluded the reach of U.S. law enforcement for decades as the criminal organization evolved into the world's biggest manufacturer and smuggler of illicit fentanyl pills and other drugs to the United States. Zambada, 76, once ran the cartel in partnership with the flashier and better-known kingpin Joaquín “El Chapo” Guzmán Loera, who is serving a life sentence in a U.S. prison.

Video Transcript

Latest Stories