Citing abuses in Ukraine, US announces new penalties that target Vladimir Putin’s adult children and Russia’s largest bank. In a new round of sanctions, the United States has banned American investments in Russia, imposed penalties on family members of Vladimir Putin and other top Russian officials and tightened restrictions on Sberbank, the country’s largest financial institution. The fresh sanctions, announced on Wednesday, come as the United States and its Western allies accuse Russia of war crimes in Ukraine after the discovery of atrocities in areas near Kyiv that had been occupied by Russian forces. The measures were taken in coordination with other G7 countries and the European Union, the White House said. A senior Biden administration official told reporters on Wednesday that Russia is “descending into economic and financial and technological isolation” that is sending the country back to “Soviet-style” living standards. “The sad reality is Putin’s war will make it harder for Russians to travel abroad; it means their debit cards may not work. They may only have the option to buy knockoff phones and knockoff clothes. The shelves of stores may be empty,” the official, who spoke on condition of anonymity, said. Wednesday’s sanctions also target Alfa Bank, Russia’s largest privately-owned financial institution. “This action will freeze any of Sberbank’s and Alfa Bank’s assets touching the US financial system and prohibit US persons from doing business with them,” the White House said in a statement. “Sberbank holds nearly one-third of the overall Russian banking sector’s assets and is systemically critical to the Russian economy.” Penalties were also imposed on Putin’s two adult daughters as well as Foreign Minister Sergey Lavrov’s wife and daughter. On Monday, President Joe Biden had reasserted his accusation that Putin is a “war criminal”, citing atrocities in Bucha, near Kyiv, where corpses were discovered in the streets after the withdrawal of Russian forces. Biden stressed after Wednesday’s measures were announced that sanctions are hurting the Russian economy, vowing to continue efforts to further isolate Moscow.