WASHINGTON: The United States has imposed new sanctions on Russia in response to its military campaign in Ukraine, targeting the country's key financial institutions as well as Russian President Vladimir Putin's two daughters.

The US imposed full blocking sanctions on Russia's largest financial institution, Sberbank, and the country's largest private bank, Alfa Bank, on Wednesday, as oper White House factsheet detailing the measures, freezing any of the two banks' assets in the US financial system and prohibiting Americans from doing business with them. Accordingly, US President Joe Biden will sign an executive order prohibiting new investment in Russia by Americans, regardless of where they live. The executive order intends to "guarantee the Russian Federation's global competitiveness is enduringly weakened."

Additionally, Americans will no longer be permitted to transact business with key Russian state-owned firms, whose assets will be frozen under US jurisdiction. The names of these entities will be released by the Treasury Department on Thursday.

Putin's two adult daughters, Russian Foreign Minister Sergei Lavrov's wife and daughter, Russian Prime Minister Mikhail Mishustin, and former Russian President and Prime Minister Dmitry Medvedev, who is now Deputy Chairman of Russia's Security Council, will all face full blocking sanctions.

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