In a move to punish Russia for its actions in Ukraine, the Biden Administration announced sweeping new sanctions on the country today. The sanctions, which were imposed one year after the start of the war in Ukraine, are some of the most significant taken by the US Treasury Department to date.

The sanctions include tariffs on goods and services, as well as restrictions on certain Russian financial institutions. The Treasury Department also imposed sanctions on 10 individuals and entities that are allegedly involved in Russia’s military and intelligence operations in Ukraine.

Deputy Secretary of the Treasury Wally Adeyemo explained the administration’s plans for the sanctions in a statement, saying, “We are taking one of our most significant sanctions actions to date to hold Russia accountable for its reckless and destabilizing actions in Ukraine.”

The sanctions come just weeks after President Biden and Russian President Vladimir Putin held a summit in Geneva. The two leaders discussed a number of issues, including the ongoing conflict in Ukraine, but failed to reach an agreement.

The Biden Administration has made it clear that it is willing to work with Russia to resolve the conflict in Ukraine, but that it will not tolerate continued aggression. The new sanctions are a demonstration of the administration’s commitment to defending the sovereignty of Ukraine.