The US announced its latest sanctions package today, which targets Sberbank, Russia's largest financial institution, and Alfa Bank, Russia's largest private bank.
The US, along with the G7 and the European Union, will "continue to impose severe and immediate economic costs on the Putin regime for its atrocities in Ukraine, including in Bucha," according to a statement released by the White House.
Images of civilians killed and raped in the Ukrainian town of Bucha, now liberated by Ukrainian forces, circulated on social media earlier this week.
The White House stated, "We will document and share information on these atrocities and use all appropriate mechanisms to hold accountable those responsible."
"As long as Russia continues its brutal assault on Ukraine," the White House promised, "we will stand unified with our allies and partners in imposing additional costs on Russia for its actions."
Full blocking sanctions have been imposed on Russia's largest financial institution, Sberbank, and Russia's largest bank, Alfa Bank, as part of this package.
"This action will freeze any of Sberbank’s and Alfa Bank’s assets touching the US financial system and prohibit US persons from doing business with them," the US promised.
According to the statement, Sberbank controls nearly one-third of the assets in the Russian banking sector and is "systematically critical" to the Russian economy.
"These sweeping financial sanctions follow our action earlier this week to cut off Russia’s frozen funds in the United States to make debt payments."
According to the White House, these measures are intended to "reinforce each other to generate intensifying impact over time."
The US has announced that President Biden will sign a new Executive Order prohibiting new investment in Russia by US citizens, regardless of where they are located, which will "ensure the enduring weakening of the Russian Federation’s global competitiveness."
Full sanctions will be imposed on critical state-owned enterprises, prohibiting any US citizen from transacting with them. Their assets will be frozen and their assets will be subject to US jurisdiction, according to the Department of Treasury, which is expected to announce these entities tomorrow.
The United States has also announced full blocking sanctions against Russian elites and their families, including President Putin's adult children, Foreign Minister Sergei Lavrov's wife and daughter, and members of Russia's Security Council.
Former Russian President and Prime Minister Dmitry Medvedev, as well as Prime Minister Mikhail Mishustin, are among them.
By fLEXI tEAM