The Biden administration announced it will impose a new round of sanctions on Russia on Friday, which marks the two-year anniversary of Russia’s invasion of Ukraine.

According to the U.S. Treasury Department, over 500 Russian targets will be affected by the sanctions. Deputy Treasury Secretary Wally Adeyemo said the sanctions aim to restrict Russia’s military capabilities by targeting its defense industry and companies that provide materials and goods.

The U.S. is coordinating these measures with allies and partners, Adeyemo noted. The goal is to limit Russia’s access to revenue needed to grow its economy and fund its war efforts in Ukraine.

This is the latest round of sanctions brought against Russia since its 2022 invasion of Ukraine. The U.S. and its allies have imposed thousands of sanctions over the past two years in response to the conflict, which has resulted in tens of thousands of casualties and widespread destruction, according to U.S. assessments.

On Thursday, President Biden met with the wife and daughter of imprisoned Russian opposition leader Alexei Navalny, who died in custody last year. Biden told reporters new sanctions would be announced against Russia in response to Navalny’s death, which the U.S. has blamed on the Russian government.

The White House later released a statement saying the new sanctions are in response to Navalny’s death, Russia’s repression and aggression, and the war in Ukraine. Details on specific targets and the scope of the measures are expected on Friday.

The Treasury Department did not provide further comment when contacted. Russia has previously condemned U.S. sanctions as counterproductive.