“Today we are dramatically escalating the economic shock by imposing sanctions on a complete blockade of Russia’s largest financial institution, Sberbank, and its largest private bank, Alfa Bank,” a senior administration official told reporters. CNN reported Tuesday that the sanctions will be coordinated with the G7 and the European Union. The new sanctions package will ban all new investment in Russia, increase sanctions on financial institutions and state-owned enterprises in Russia, and impose sanctions on Russian government officials and members of their families. This is a rare story and will be updated.
