The United States targeted Russian banks and elites with a new package of sanctions on Wednesday that includes banning any American from investing in Russia, after Washington and Kyiv accused Moscow of committing war crimes in Ukraine.
The new sanctions will put full blocking sanctions in Russia's Sberbank, which holds one-third of Russia's total banking assets, and Alfabank, a senior US official said. Energy transactions are blocked from these sanctions, the official said, reports Reuters.
The United States is also sanctioning Russian President Vladimir Putin's adult daughters, Russian Foreign Minister Sergei Lavrov's wife and daughter, and members of Russia's security council, the official said. Americans are banned from investing in Russia, the official said, including through venture capital or mergers.
The US is "dramatically escalating" the financial shock on Russia by cutting off that country's largest banks, the official said. Russians may be forced back into Soviet-style living standards from the 1980s, the official said.
The US Justice Department on Wednesday also announced new enforcement actions to disrupt and prosecute criminal Russian activity.
A senior French official said the European Union would also likely impose new sanctions on Wednesday.
