Russia’s invasion of Ukraine two and a half years ago triggered economic sanctions from the US and European countries. These sanctions aimed to damage Russia’s economy. Despite these efforts, Russia managed to recover by selling discounted crude oil to countries like India.
Now, the US is stepping up its pressure on Russia. The US Treasury Department has sanctioned over 100 companies from Russia, Asia, Africa, and Europe that have been helping Russia in the war. This includes 60 Russian companies in the IT and defense sectors and three Russian financial technology firms. Companies from Turkey, France, and Hong Kong, which supplied transport equipment and ammunition to Russia, have also been targeted.
The goal of these new sanctions is to weaken Russia’s ability to continue the conflict. However, despite past sanctions, Russia has often found ways to bypass them and keep fighting.