The US has announced sanctions against Russian President Vladimir Putin’s two adult daughters.
The US believes many of the Russian president’s assets are hidden by family members.
Sanctions will also target foreign minister Sergei Lavrov’s wife and daughter.
The latest move is in response to the apparent mass killing of civilians in Ukraine’s Bucha, which has received international condemnation.
The penalties will cut off all of Mr Putin’s close family members from the US financial system and freeze any assets they hold in the US.
Meanwhile, US President Joe Biden is set to sign an executive order banning new investment in Russia.
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In a statement, the White House said: “The United States, 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.
“We will document and share information on these atrocities and use all appropriate mechanisms to hold accountable those responsible.
“As one part of this effort, the United States is announcing devastating economic measures to ban new investment in Russia, and impose the most severe financial sanctions on Russia’s largest bank and several of its most critical state-owned enterprises and on Russian government officials and their family members.
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“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. Importantly, these measures are designed to reinforce each other to generate intensifying impact over time.”
The White House said that if Mr Putin were to change course in Ukraine, US sanctions could potentially slow and possibly reverse.
The sweeping financial sanctions follow the West’s earlier action this week to cut off Russia’s frozen funds in the US to make debt payments.
