The U.S. responded to the Russian-Ukraine conflict by blocking certain Russian financial institutions and individuals, and imposing varying degrees of sanctions prohibitions on other listed Russian banks and entities, pursuant to the 50 Percent Rule.
Here's why Vladimir Putin's oligarchs are under fire after Russia invaded Ukraine. Moscow's invasion of Ukraine has brought these oligarchs in the spotlight after the US sanctioned them to make Putin weak in the knees.
Russia-Ukraine war: The US Treasury Secretary added that the sanctions were aimed to "degrade Russia’s ability to project power and threaten the peace and stability of Europe".
On February 24, 2022, President Biden announced a new tranche of sweeping sanctions against Russia in response to its invasion into Ukraine with both the Treasury Department and the Commerce Department taking action to implement these measures.