The US is poised to announce a ban on new investment in Russia while increasing sanctions on the country’s financial institutions, state-owned enterprises and government officials, people familiar with the matter said on Tuesday.
“These measures will degrade key instruments of Russian state power, impose acute and immediate economic harm on Russia, and hold accountable the Russian kleptocracy that funds and supports Putin’s war,” one of the people said, adding that the new sanctions would be unveiled on Wednesday and co-ordinated with the G7 and the EU.
“These measures will be taken in lock step with our allies and partners, demonstrating our resolve and unity in imposing unprecedented costs on Russia for its war against Ukraine,” the person added.