U.S. President Joe Biden on Friday announced a significant sanctions escalation against Russia, targeting its financial system and military infrastructure with over 500 new penalties, marking the largest tranche of sanctions since Moscow's invasion of Ukraine nearly two years ago.

The measure was announced ahead of the invasion’s anniversary on Saturday and followed the death of Russian opposition leader Alexey Navalny in a penal colony in the Arctic earlier this month.

The sanctions target various sectors, including Russia's state-owned National Payment Card System, banks, investment firms, venture capital funds and other financial institutions, its defense industry and procurement networks. They also target individuals involved in evading sanctions, in Russia and abroad, as well as prison officials who Washington believes to be linked to Navalny's death.

Urging lawmakers in the House of Representatives to pass the $95 billion Senate-approved supplemental funding measure that includes additional military aid for Kyiv, Biden vowed to respond with further punishment for Russian President Vladimir Putin.