The Biden administration and U.S. allies announced on Saturday a fresh round of sanctions against Russia that will not only target the banking system, but the physical assets of sanctioned oligarchs — including their yachts and mansions.
The U.S. and its partners said in a joint statement on Saturday that they'll form a transatlantic task force to hunt down and freeze the assets of sanctioned individuals and companies within their jurisdictions.
"We’ll go after their yachts, their luxury apartments, their money and their ability to send their kids to fancy colleges in the West," a senior administration official said about the new crackdown.
The commitment came from the U.S., European Commission, France, Germany, Italy, the United Kingdom and Canada as part of their larger announcement to expel certain Russian banks from the SWIFT financial system and to sanction the Russian Central Bank.
The escalating economic penalties were levied because of Russia's ongoing invasion of Ukraine.
"We're disarming fortress Russia by taking this action," the official added.
The group will also target the sale of so-called "golden passports" that let wealthy Russians connected to the Russian government become citizens and gain access to western financial systems.