US targets Putin's children, ban new investment in Russia in new round of sanctions

The White House announced a new round of economic sanctions against Russia on Wednesday in response to its ongoing invasion of Ukraine.

The measures include sanctions against "Russian and their family members," the White House said, including Russian President Vladimir Putin's adult children, the wife and daughter of Russian Foreign Minister Sergey Lavrov, and Russian Security Council members including Prime Minister Mikhail Mishustin and former President and Prime Minister Dmitry Medvedev.

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"I made clear that Russia would pay a severe and immediate price for its atrocities in Bucha," President Biden said in a tweet. "Today, along with our Allies and partners, we’re announcing a new round of devastating sanctions."

In reference to the targeted individuals, the White House said they "have enriched themselves at the expense of the Russian people," with some being "responsible for providing the support necessary to underpin Putin’s war on Ukraine."

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"President Biden will sign a new Executive Order that includes a prohibition on new investment in Russia by U.S. persons wherever located, which will further isolate Russia from the global economy," the White House added. The sanctions also hit financial institution Sberbank and Russia’s largest private bank Alfa Bank, which "will freeze any of Sberbank’s and Alfa Bank’s assets touching the U.S financial system and prohibit U.S. persons from doing business with them," the White House said.

The administration made clear that despite the increasing sanctions on Russia, its aim is not to hurt the Russian people.

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"As we continue escalating our sanctions and other economic measures against Russia for its brutal war against Ukraine, we reiterate our commitment to exempting essential humanitarian and related activities that benefit the Russian people and people around the world: ensuring the availability of basic foodstuffs and agricultural commodities, safeguarding access to medicine and medical devices, and enabling telecommunications services to support the flow of information and access to the internet which provides outside perspectives to the Russian people," the White House said. "These activities are not the target of our efforts, and U.S. and Western companies can continue to operate in these sectors in Russia."