U.S. Unveils Latest Sanctions Targeting Russia

The United States on Wednesday unveiled its latest round of sanctions going after Russia over its war on Ukraine, this time targeting a key commercial bank and "a global network of more than 40 individuals and entities led by U.S.-designated Russian oligarch Konstantin Malofeyev."

In a news release, the US Treasury Department said it was also targeting "companies operating in Russia's virtual currency mining industry, reportedly the third largest in the world," noting it was the first time it has "designated a virtual currency mining company."

In addition, the State Department is imposing a slew of visa restrictions in response to the Russian war and for "undermining democracy in Belarus."

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The Biden administration has banned Russian energy imports by the US, but it has not imposed sanctions on countries that still import Russian energy or moved to prevent the Russian energy revenue from being funneled into the Ukraine war.

"Russia's oil and gas sales have not been impeded all that much by sanctions so Russia is still making about a billion dollars a day selling energy around the world," said Edward Fishman, another senior fellow at the Atlantic Council. "It continues to generate significant new revenues every day, which gives Russia a pretty significant financial runway. They can continue funding the war and they can continue funding government budgets."

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