As part of the new sanctions against Moscow, the U.S government plans to ban all new investments in Russia.

White House spokeswoman Jen Psaki said in addition, the existing sanctions against Russian banks and state-owned companies will be also be tightened.

She added that more Russian government officials and their family members will be subject to punitive measures.

The sanctions would be introduced in close coordination with partners in Europe and the other states of the G7 group.

“These measures will degrade key instruments of Russian state power and pose acute and immediate economic harm to Russia.

“It will hold accountable the Russian kleptocracy that funds and supports Putin’s war,” Psaki said. (DPA/NAN)