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President Biden on Friday announced that the U.S. will impose more than 500 new sanctions on Russia, and according to the U.S. Treasury, over 500 targets will be affected.

The sanctions will be imposed on the second anniversary of Russia’s occupation of Ukraine, the White House said.

Reuters reported that Deputy U.S. Treasury Secretary Wally Adeyemo said the U.S. and other countries, in partnership, are targeting Russia’s military industrial complex along with companies in countries that help Russia access materials and goods it wants.

The measures also come as the U.S. looks to hold Russian President Vladimir Putin accountable for the war with Ukraine and the death of Alexei Navalny, leader of the Russian opposition.

BIDEN SAYS SANCTIONS AGAINST RUSSIA ARE COMING AFTER MEETING WITH NAVALNY'S WIFE AND DAUGHTER

Presidents Joe Biden and Vladimir Putin

President Joe Biden and Russian President Vladimir Putin. Biden said 500 Russian targets will be affected by U.S. sanctions on Friday to hold the country accountable for the war with Ukraine and the recent death of Alexei Navalny. (Getty Images)

"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," Biden said in a statement. "They will ensure Putin pays an even steeper price for his aggression abroad and repression at home."

The White House said the sanctions are being made to ensure Russia cannot get the goods needed to build weapons, while also slowing down the country’s access to revenues needed to grow its economy and arsenal.

BIDEN, AFTER NAVALNY'S DEATH, SAYS ‘NO DOUBT’ THAT ‘PUTIN AND HIS THUGS’ WERE BEHIND IT

Navalny and his wife

Russian opposition leader Alexei Navalny with his wife, Yulia, in 2013. (AP / Evgeny Feldman / File)

The U.S. Treasury did not immediately respond to inquiries from Fox News Digital on the matter.

This package of sanctions is the latest of thousands of other sanctions against Russia, brought on by the U.S. and its allies after Russia invaded Ukraine in 2022. 

Since its occupation of the country, Russia is responsible for killing tens of thousands and reducing cities to rubble.

GEN. KEANE SAYS PUTIN BELIEVES US, EUROPE ‘TAKING A KNEE’ ON UKRAINE 

Russia Ukraine War Crimes

Soldiers walk amid destroyed Russian tanks in Bucha, on the outskirts of Kyiv, Ukraine, April 3, 2022. (AP Photo / Rodrigo Abd / File)

Earlier on Thursday, Biden met in San Francisco, California with Yulia and Dasha Navalnaya, Navalny’s wife and daughter, respectively.

After the meeting, Biden told reporters he and his administration would be announcing sanctions against Putin, adding that the Russian president is responsible for Navalny’s death.

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The White House also said in a statement that the Biden administration plans to announce new sanctions against Russia on Friday "in response to [Alexei’s] death, Russia’s repression and aggression, and its brutal and illegal war in Ukraine."

Reuters contributed to this report.