Joe Biden Slaps Russia With New Sanctions Amid War; More Help Coming for Ukraine

New sanctions were imposed by the Biden administration on Wednesday against a Russian commercial bank, a Russian tycoon, and Russia's virtual-currency mining business.

The Treasury Department's actions occurred on the second day of Russia's retaliation in the Donbas region of southeastern Ukraine, as Russian troops launched their anticipated attack after retreating from the country's northern region.

US Hits Digital Currency Company, Bank, Another Oligarch

In an interview with MSNBC earlier Wednesday, Undersecretary of State for Political Affairs Victoria Nuland hinted at a fresh wave of US sanctions, saying that the US must continue to put pressure on Russian President Vladimir Putin and the richest Russians so that they will put pressure on Putin.

The Biden administration is also working on a new security aid package to supply Ukrainian forces with armaments that will enable them better defend themselves against Russian strikes in the Donbas. On Tuesday, Biden informed reporters that he would allow the supply of more weaponry to Ukraine.

The Treasury Department's Office of Foreign Assets Control announced on Wednesday that it has designated Public Joint Stock Company Transkapitalbank, a Russian privately held commercial bank that has been in operation since 1992.

The OFAC also went after a global sanctions evasion and malign influence network managed by Russian tycoon Konstantin Malofeyev, who was originally sanctioned in 2014 and was charged with sanctions violations by the Justice Department earlier this month.

On Wednesday, the OFAC re-designated Malofeyev, as well as his son and 40 other people and companies linked to his networks - including organizations whose principal objective is to aid sanctions evasion for Russian enterprises.

Finally, the OFAC recognized a virtual-currency mining firm for the first time, focusing on what is supposedly the world's third-largest sector of its kind in Russia, as per Politico.

Treasury also targeted individuals and businesses linked to Russian businessman Konstantin Malofeyev, the creator of the Russian Orthodox news station Tsargrad TV, which was sanctioned by the US in December 2014. He was one of the primary sources of funding for Russian separatists in Crimea, according to the Treasury Department.

Russia may be utilizing cryptocurrencies to evade the avalanche of sanctions put on banks, oligarchs, and the energy industry in recent months as a result of the invasion, according to lawmakers and administration officials.

Experts believe that Russia will increasingly rely on bitcoin to support its financial operations, but Treasury officials have dismissed the idea that cryptocurrency might be a major driver of sanctions evasion.

Treasury Secretary Janet Yellen stated in a statement published immediately after the sanctions were announced: "Russia's invasion is an assault on fundamental international rules and norms and threatens the core of the international order."

The remark was made in conjunction with a combined meeting of the International Monetary and Financial Committee and the Development Committee, which was held in conjunction with the International Monetary Fund and World Bank spring meetings, WDBJ7 reported.

Biden Targets Putin's Children in Latest Sanctions

The assets of Putin's daughters Katerina Vladimirovna Tikhonova and Maria Vladimirovna Tikhonova will be targeted, the US announced on Wednesday.

The Biden administration blew up the secrecy Putin has long maintained over his closest relationships by targeting Vladimir Putin's adult daughters with penalties over Russia's invasion of Ukraine.

The sanctions placed on Putin's closest family members and other Russian oligarchs indicate how the US and its allies have refined their procedures for selecting people for financial punishment.

Sanctioning family members is often necessary in Russia, as well as other autocracies across the world, to ensure that financial sanctions have the desired impact. Many tycoons adopt the method of placing assets in the names of wives, children, and others, and powerful and affluent leaders are no exception, according to ABC News.

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