Washington led an international campaign for tough economic penalties after Russia invaded Ukraine in February 2022. Dozens of countries have punished Russian banks, businesses and oligarchs. They froze $300 billion of Russia’s assets, barred it from much of the global financial system and restricted what it could buy and sell.

Treasury Secretary Scott Bessent signaled that sanctions relief for Russia could be on the table in talks over the Ukraine war, saying the US is prepared to either ramp up or take down penalties based on Russia’s willingness to negotiate.

European Union envoys have approved new sanctions against Russia, with the measures set to enter into force next week on the third anniversary of its full-scale invasion of Ukraine