US announces sweeping new Russian sanctions one year into war

The West’s export controls and financial sanctions appear to be gradually eroding Russia’s industrial capacity (Alexander Zemlianichenko/AP)

The US has announced a new round of sanctions on Russian firms, banks, manufacturers and people, aiming them at entities that helped Russia evade sanctions earlier in the year-long war against Ukraine.

Russia’s metals and mining sector is among those targeted in one of the US treasury department’s “most significant sanctions actions to date”, according to the agency.