The United States has imposed sanctions on over 100 targets and banned the import of new Russian gold, in a further ratcheting up of Washington’s offensive against Moscow over its military action against the Kiev government.
The US Treasury Department in a statement said on Tuesday it imposed sanctions on 70 entities as well as 29 people, in line with commitments made by the world's wealthiest nations (G7) this week, Reuters reported.
The Treasury said the sanctioned entities are critical to Russia's defense industrial base.
"Targeting Russia’s defense industry will degrade (Russian President Vladimir) Putin’s capabilities and further impede his war against Ukraine, which has already been plagued by poor morale, broken supply chains, and logistical failures," Treasury Secretary Janet Yellen said in the statement.
The Treasury said that Russia's state aerospace and defense conglomerate, Rostec's "management umbrella includes more than 800 entities across a wide range of sectors" and that all entities owned 50 percent or more, directly or indirectly, by Rostec are blocked.
The Treasury also sanctioned United Aircraft Corporation, the maker of Russia's MiG and Sukhoi fighter jets and which is majority-owned by Rostec.
The US Treasury said this aims to "weaken Russia's ability to continue its aerial assault on Ukraine."
US President Joe Biden has long been pushing Europe to take a stance against Russia. Experts, however, say his domestic struggles at home may impede his ability to lead the European Union against Moscow.
The meetings in Europe come as Biden is facing challenges both at home and abroad.
At home, Biden faces soaring inflation that threatens to pull the country into a recession.
Abroad, the war in Ukraine has triggered a looming global food shortage and soaring energy prices.
Biden placed an embargo on Russian oil earlier this year, shortly after President Vladimir Putin declared a military campaign against Ukraine on February 24.
In addition to the oil embargo, Washington and its Western allies imposed unprecedented waves of sanctions on Moscow.
The move has so far sent the prices of grain, cooking oil, fertilizers, and energy skyrocketing.