TheCable

The United States says it will impose a fresh round of sanctions on Russia over its invasion of Ukraine.

US President Joe Biden announced the sanctions in a speech on Wednesday.

He said the sanctions would be introduced in close coordination with partners in Europe and the other states of the G7 group.

The new sanctions include a ban on all new investments in Russia, increased sanctions on two major financial institutions in Russia — Sberbank and Alfa-Bank — as well as on major Russian state-owned enterprises, and sanctions on Russian government officials and their family members — including Putin’s adult children.

“We, along with our European allies, are adding the names to the list of Russian elites and families we are sanctioning,” Biden said.

“Look, these oligarchs and their family members are not allowed to hold on to their wealth in Europe or the United States and keep the yachts worth hundreds of millions of dollars, luxury vacation homes, while children in Ukraine are being killed, displaced from their homes every single day.”

According to the White House, the U.S. has sanctioned Putin’s two adult daughters named Mariya Putina and Katerina Tikhonova, Russian foreign minister Sergey Lavrov’s wife and daughter, members of Russia’s security council including Dmitry Medvedev, a former president and prime minister and Prime Minister Mikhail Mishustin.

“These individuals have enriched themselves at the expense of the Russian people. Some of them are responsible for providing the support necessary to underpin Putin’s war on Ukraine. This action cuts them off from the U.S. financial system and freezes any assets they hold in the United States,” the White House said.

Biden will sign an executive order that includes a ban on new investment in Russia by Americans from any location, intended to further isolate Russia from the global economy.