Ukraine Update: U.S. Imposed Sanctions Against Putin’s Daughters and Banks In Coordination With G7 Allies

The U.S on Wednesday announced a new sanction package against Russia in response to alleged war crimes in Ukraine’s capital city of Kyiv. The sanctions include economic penalties on Russian President Vladimir Putin’s adult children and top Russian security officials.

The sanctions were places in coordination with the Group of 7 and European Union and are designed to impose “severe and immediate economic costs” on Russia for its brutalities in Ukraine, the White House said.

“As long as Russia continues its brutal assault on Ukraine, we will stand unified with our allies and partners in imposing additional costs on Russia for its actions,” the White House said in an announcement of the sanctions.

The measures include a ban on all new investment in Russia, increased sanctions on Russia’s largest financial institutions and state-owned enterprises, including Sberbank and Alfa Bank, and sanctions on Russian government officials and members of their families.

Sanctions were also targeted towards Putin’s  two adult daughters, Russian Foreign Minister Sergei Lavrov’s wife and daughter, and members of Russia’s Security Council, including former President and Prime Minister of Russia Dmitry Medvedev and Prime Minister Mikhail Mishustin.

The actions targeting Sberbank and Alfa Bank, Russia’s largest private bank, freeze any of their assets touching a U.S. financial institution and prohibit U.S. citizens from doing business with the two banks. The sanctions on state-owned enterprises, which are not yet named, prohibit any U.S. citizen from doing business with the entities.