US President Joe Biden delivers a speech in Washington on February 18, 2022 in regards of tensions in eastern Ukraine. (Photo: AFP/VNA)

The US imposed a sweeping package of penalties on Russia's largest public and private financial institutions, including Sberbank and Alfa Bank, and announced a ban on all new American investments in Russia.

The new sanctions target family members of President Valdimir Putin, Foreign Minister Sergei Lavrov, and members of Russia's Security Council, including former President and Prime Minister Dmitry Medvedev and Prime Minister Mikhail Mishustin.

The White House announced additional sanctions against a number of Russian state-owned companies to hinder trade and money transfers through the global financial system.  

The UK also announced new sanctions against Russia targeting Russia’s two largest banks and moves to eliminate oil and coal imports from Russia by the end of this year.

UK Foreign Secretary Liz Truss said the new sanctions aim to halt energy imports from Russia and target individuals and businesses who have close contacts with the Russian Government.