The United States on Friday announced sanctions on over 500 targets in Russia, ahead of the two-year anniversary of the ongoing Russia-Ukraine conflict, according to the White House.

"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 ..." read a statement from President Joe Biden published on the website of the White House. 

These sanctions will target individuals connected to Navalny's imprisonment as well as Russia's financial sector, defense industrial base, procurement networks and sanctions evaders across multiple continents, the statement added.