Russia's Foreign Ministry building (Photo: Shutterstock)

The statement said that the sanctions are in line with Washington's ongoing attempts to "change Russia's course" following Russia’s recognition of the two self-proclaimed republics of Donetsk and Lugansk in eastern Ukraine. But Russia has proven that it is able to minimize the damage from Western sanctions. Russia remains open to diplomacy based on the principles of mutual respect, equality, and consideration of each other's interests, said the Ministry.

The Biden administration said its “first tranche" of sanctions on Russia will target financial institutions. These sanctions began on Wednesday.