US announces over 500 new sanctions against Moscow on 2nd anniversary of Russia-Ukraine conflict

He further emphasised that these sanctions will target individuals connected to Navalny's imprisonment, and several Russian sectors.

"Today, I am announcing more than 500 new sanctions against Russia for its ongoing war of conquest on Ukraine and for the death of Aleksey Navalny, who was a courageous anti-corruption activist and Putin's fiercest opposition leader," he said, according to an official release by the White House.

Biden added, "These sanctions will target individuals connected to Navalny's imprisonment as well as Russia's financial sector, defence industrial base, procurement networks and sanctions evaders across multiple continents. They will ensure Putin pays an even steeper price for his aggression abroad and repression at home."

He further affirmed that the unprecedented 50-nation global coalition in support of Ukraine, led by the US, remains committed to providing critical assistance to Ukraine and holding Russia accountable for its aggression.

Biden said, "The brave people of Ukraine fight on, unbowed in their determination to defend their freedom and future. NATO is stronger, larger, and more united than ever. And the unprecedented 50-nation global coalition in support of Ukraine, led by the United States, remains committed to providing critical assistance to Ukraine and holding Russia accountable for its aggression."

Moreover, US President Biden also imposed new export restrictions on nearly 100 entities for providing backdoor support for Russia's war machine.

"We are also imposing new export restrictions on nearly 100 entities for providing backdoor support for Russia's war machine. We are taking action to further reduce Russia's energy revenues," he said.

Biden also directed his team to strengthen support for civil society, independent media, and those who fight for democracy around the world, according to the statement.

Additionally, he noted that two years into this war, the Ukrainian people continue to fight with tremendous courage, but are running out of ammunition.

Biden further stressed the need to pass the bipartisan national security supplemental bill as early as possible.

"Ukraine needs more supplies from the United States to hold the line against Russia's relentless attacks, which are enabled by arms and ammunition from Iran and North Korea. That's why the House of Representatives must pass the bipartisan national security supplemental bill before it's too late," he said.

He highlighted that this bill provides urgent funding for Ukraine. Moreover, it invests in America's own defence industrial base.

He underscored that the bill passed overwhelmingly in the Senate, and there is no question that, if the Speaker called a vote, it would pass quickly in the House.

"Congress knows that by supporting this bill, we can strengthen security in Europe, strengthen our security at home, and stand up to Putin. Opposing this bill only plays into his hands," he added.

Moreover, the US President noted that Putin believed that he could easily bend the will and break the resolve of a free people, and could roll into a sovereign nation, and the world would roll over.

"That he could shake the foundations of security in Europe and beyond," he added. US President Biden then emphasised that Putin miscalculated badly.

"Two years later, we see even more vividly what we've known since day one: Putin miscalculated badly," Biden said.

He further said that the American people and people across the globe understand that the stakes of this fight extend far beyond Ukraine.

Remembering that ten years ago, Putin occupied Crimea and created puppet regimes in Ukraine's Luhansk and Donetsk regions.

Biden said, "Two years ago, he tried to wipe Ukraine off the map. If Putin does not pay the price for his death and destruction, he will keep going."

He added that the costs to the United States, along with our NATO allies and partners in Europe and worldwide, will rise.

Emphasizing that "history is watching," the US President said that the failure to support Ukraine at this critical moment will not be forgotten.

"Now is the time for us to stand strong with Ukraine and stand united with our Allies and partners. Now is the time to prove that the United States stands up for freedom and bows down to no one," he said. (ANI)