Following the death of Russian opposition leader Alexei Navalny, the Biden administration is reportedly set to unveil new sanctions against Russia on Friday.

Yahoo Finance Senior Columnist Rick Newman reports the details in the video above.

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Editor's note: This article was written by Stephanie Mikulich

Video Transcript

JULIE HYMAN: We're expecting another announcement from the White House on Friday as well. We are looking for new sanctions against Russia. These triggered by the death of Alexei Navalny, the critic of the Russian administration.

RICK NEWMAN: Right. So I mean, this sounds like it's going to be underwhelming. We've had sanctions in place against Russia, economic sanctions. We are coming up to the two-year anniversary of Russia's invasion of Ukraine on February 24, 2022. Huge set of sanctions went into effect during the next several months after that, focusing on energy, Russia's financial system.

Guess what? Russia's still standing. I think Russia has surprised a lot of people with its ability to keep the economy going. The economy's actually growing this year. It's going to grow by something like 2 and 1/2%, 3%, according to the IMF. What's happening in Russia is the sanctions are hurting the Russian economy. It is-- they're having problems with inflation. They're having problems with the devalued ruble.

But on the other hand, they are cranking up industrial production and turning into a wartime economy. So there's a lot of stimulus coming in just from government building the military base or rebuilding the military base. And Russia is still selling oil. They are still able to sell a lot of oil. They're selling it for less than they otherwise would because of this oil price cap. But they are bringing in a lot of revenue. And they can keep this war going.

And by the way, Putin's goal, he is willing to fight this war until 2026, analysts think. And he wants a victory by 2026. And of course, here in the United States, we've already lost patience. We can't find the funding because there's a squabble about something on Capitol Hill. So it's kind of a discouraging situation.

If they do do additional sanctions, I think one of the things they could do is they could lower that oil price cap further. So it's now 60 bucks. They want-- there are some people say put it as low as $30. Maybe they'll low it. The White House doesn't want to do that they're afraid oil is going to come off the market and push prices up here. But who knows? Maybe they'll we'll tap it down to $55, maybe $50--

JOSH LIPTON: Do you think, Rick-- the Senate did pass that foreign aid package. I mean, do you think that aid ever actually gets to Ukraine?

RICK NEWMAN: You know, this is the same thing we've been talking about in the House, where, because Mike Johnson, the speaker, will lose his job if he cooperates with Democrats, there are enough super conservative Republicans to basically boot him from his job. There is bipartisan support in the country for continued aid for Ukraine. And there's bipartisan support in Congress for that. It's just this sort of tyranny of the super minority in the House where Mike Johnson just can't get anything done.

And that's the same problem he faces with spending bills. And we're going to be talking in the next few days. It looks like a government shutdown possibly could happen once again. So this same dynamic. There are ways to get this done. It's just very tricky if this guy wants to keep his job.

JULIE HYMAN: Yeah, definitely. And they all like to keep their jobs mostly.

RICK NEWMAN: They do, yeah.

JULIE HYMAN: All right. Thanks, Rick. Appreciate it.