US bans all new investment in Russia, sanctions Putin’s children

Amid heightened tensions between the West and Russia over the latter’s military operation in Ukraine, the US on Wednesday rolled out fresh sanctions on Russian officials and entities.

Citing “atrocities” in the former Soviet republic, Washington imposed sanctions on Russian banks, companies, and government officials – including their family members.

Among those targeted in the latest round of “full blocking sanctions” include President Vladimir Putin’s "adult children" and Foreign Minister Sergey Lavrov’s wife and daughter.

Prime Minister Mikhail Mishustin and former President Dmitry Medvedev have also been sanctioned for their role on the Russian Security Council. 

The statement said any assets of Sberbank and Alfa-Bank “touching” the US financial system would be blocked, and Americans would be banned from doing business with them. 

The White House also said that US President Joe Biden will sign an executive order Thursday prohibiting any investment in Russia by Americans wherever they are, to “further isolate Russia from the global economy” and “ensure the enduring weakening of the Russian Federation’s global competitiveness.”

A senior French government official was also quoted as saying that the European Union (EU) would also likely impose new sanctions on Wednesday, with Sberbank among the banks likely to face sanctions.

The EU’s executive branch has also called for a ban on coal imports from Russia, which will be the first time the bloc has sanctioned the country’s energy industry.

European Commission President Ursula von der Leyen said the EU needed to raise the pressure on Moscow after what she described as “heinous crimes” in Bucha.