The United States has announced new sanctions on Russia, citing “serious economic repercussions” from the Ukrainian invasion.

The United States and its allies on Wednesday imposed new sanctions on Russia, seeking to further punish Moscow for its aggression against Ukraine.

The New sentences These include bans on all new investments in Russia and on Sberbank, Russia’s largest financial institution, and Alpha Bank, the country’s largest private bank. The two-year-old daughters of Russian President Vladimir Putin and the wife and daughter of Foreign Minister Sergei Lavrov have also been targeted.

The embargo was announced in conjunction with the European Union and a group of seven countries.

Shortly before the Biden administration announced sanctions, Treasury Secretary Janet Yellen warned lawmakers that Russia’s occupation of Ukraine would have a major impact on the world economy.

In an earlier statement to the House Financial Services Committee, Yellen said that Russia’s invasion was “an unacceptable insult to the rules-based global order and would have enormous economic consequences for Ukraine and beyond.”

He told lawmakers that food supplies were being disrupted “for millions of people around the world.”

The United States and its allies have imposed a number of sanctions on Russia over its occupation of Ukraine, including the freezing of central bank assets and the confiscation of assets close to Putin. This week, there were increasing demands for additional sanctions in connection with the killings in the Ukrainian city of Pucha.

Sanctions against Putin’s daughters cut them off from the U.S. financial system and freeze any assets they hold in the United States.

US Stock SPX,
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Were suffering Second day collapse On Wednesday, technology and other growth stocks led to a downturn as investors waited for the expected details that the Federal Reserve will begin to shrink its nearly $ 9 trillion balance sheet.

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The Associated Press contributed to this story.

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