White House: US, allies to ban new investments in Russia

The U.S. and its European allies will impose stiff new sanctions Wednesday, including a ban on new investments in Russia, in retaliation for Russia’s “war crimes” in Ukraine, according to the White House

WASHINGTON -- The United States and Western allies plan to pile additional sanctions on Russia on Wednesday after the emergence of troubling new evidence of war crimes in Ukraine, according to the White House. The new penalties will include a ban on all new investment in Russia.

Among the other measures being taken against Russia are greater sanctions on its financial institutions and state-owned enterprises, and sanctions on government officials and their family members, according to White House press secretary Jen Psaki.

“The goal is to force them to make a choice,” she said. “The biggest part of our objective here is to deplete the resources that Putin has to continue his war against Ukraine.”

Separately, the Treasury Department moved Tuesday to block any Russian government debt payments with U.S. dollars from accounts at U.S. financial institutions, making it harder for Russia to meet its financial obligations.