President Biden announced sanctions against Russia on Thursday, saying that the country had attempted to undermine U.S. elections and launch cyberattacks against the U.S. government and businesses.
The sanctions ban U.S. financial institutions from working with or lending money to Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, and the Ministry of Finance of the Russian Federation. The sanctions are effective June 14.
Treasury Department sanctions were also placed on 32 entities and individuals, and eight other entities and individuals were sanctioned over Russia's occupation of Crimea.
A senior administration official said that sanctions were "a clear signal to the Russian government that we will not accept destabilizing behavior that harms the United States, our people, our allies and partners, and that we will respond with economically impactful costs."