Others connected to Russian officials close to Mr. Putin will also face sanctions, including the wife and daughter of Russia’s foreign minister, Sergey Lavrov, and members of Russia’s security council, including Prime Minister Dmitri Medvedev. The official said that those people would be effectively cut off from the U.S. banking system and any assets held in the United States.
The Treasury will also block Russia from making debt payments with assets that are subject to U.S. jurisdiction, a move that will force Russia to find new sources of funding outside its frozen central bank funds. The end result, the official said, was that Russian citizens will return to Soviet-era living standards of the 1980s, and Mr. Putin will find himself increasingly a pariah.
So far, Mr. Putin has resisted increasingly harsh consequences, continuing his invasion of Ukraine even as Western nations move to freeze him out of the international economic order.
The Biden administration had been under pressure to announce new actions against Russia since reports surfaced of Russian soldiers’ indiscriminately killing Ukrainian civilians in the Kyiv suburb of Bucha. On Monday, President Biden had promised new sanctions and called Mr. Putin a “war criminal,” though he did not call the violent acts in Bucha genocide.
On Wednesday, Mr. Biden will sign an executive order that bans all new investment in the Russian Federation by U.S. citizens, wherever they are, the official said.