The United States is ramping up its sanctions against Russia’s elite and financial institutions, even targeting Vladimir Putin’s daughters
These new measures are in response to what Joe Biden has labelled “major war crimes” committed by Russian forces in Ukraine.
Russia’s Sberbank is one of the victims, with the financial organisation holding one-third of Russia’s total banking assets.
The country’s fourth largest financial institution, AlfaBank, Putin’s two adult daughters, Russian Foreign Minister Sergei Lavrov’s family as well as senior members of Russia’s security council have also all been targeted.
It follows Putin’s recent attack of the Ukrainian city of Bucha, near the capital of Kyiv, where distressing images of bodies lying bloodied and lifeless have left much of the world speechless.
Civilians were found shot at close range and Biden says “responsible nations have to come together to hold these perpetrators accountable”.
Why the U.S is targeting Russia’s elite
According to the US president, the economic costs of this war are only going to continue to increase, as more and more sanctions are imposed by the West.
With Kyiv remaining under Ukrainian control, Biden says the United States will continue to stand with the nation in their fight for freedom.
In addition to increasing economic sanctions, the US will also provide additional security assistance valued at up to $100 million.
The package has been designed to meet the current Ukrainian need for so-called Javelin anti-armour systems.
Nato foreign ministers are also meeting for two days of high-stakes talks, discussing how best to support Ukraine as the war continues.
NATO Secretary General Jens Stoltenberg says the recent atrocities committed in Bucha are a clear demonstration of the true, brutal nature of Putin’s invasion.
He believes the war is now entering a critical phase and with no indication Putin is willing to change his mind and withdraw, the world must be prepared for the long-haul.
