As NATO and the G-7 met in Brussels to discuss the war in Ukraine, the Biden administration announced a wave of new sanctions on Russia Thursday.
Targeted are all 328 Russian lawmakers and many state-owned companies.
“Our purpose here is to methodically remove the benefits and privileges Russia once enjoyed as a participant in the international economic order,” a senior administration official told Reuters.
Specifically, the sanctions target 17 board members of a leading Russian financial institution, Sovcombank, and 48 defense companies reportedly producing equipment for Russia’s ongoing operations in Ukraine.
Also targeted are Herman Gref, who is the head of Sberbank and Gennady Timchenko, a wealthy friend of Russian President Vladimir Putin.
"As long as President Putin continues this war, the United States and allies and partners are committed to ensuring the Russian government feels the compounding effects of our current and future economic actions," the White House said in a statement.