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In retaliation to Russia’s continued aggression towards Ukraine, the US and its allies have announced a new wave of sanctions targeting Russian banks, industries, and elites to further isolate Moscow.

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The G7 members and the European have announced new sanctions to prevent the Central Bank of the Russian Federation from using its gold reserves to support Russia’s economy and fund Moscow’s war on Ukraine.

The new sanctions announced by the UK target six more banks including ALFA-BANK JSC (Alfa-Bank), which is among the leading banking entities in terms of capital in Russia and Ukraine.

Notably, Alfa-Bank co-founders Mikhail Fridman, Petr Aven and German Khan are already part of the sanctioned oligarchs’ list.

Oleg Tinkov, the founder of digital lender Tinkoff Bank, and Gazprom PJSC—parent of Gazprombank—deputy chairman of the management board Oleg E Aksyutin have also been sanctioned.

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“Today’s sanctions will bring the total global asset value of the banks the UK has sanctioned since the invasion to £500bn and the net worth of the oligarchs and family members in excess of £150bn”, UK Foreign Secretary Liz Truss said in a statement.

The US on the other hand has sanctioned over 400 Russian elites, Duma members, and defence companies in coordination with its allies.

Sberbank CEO Herman Gref is among those being targeted by the new wave of sanctions from the US and the UK.

President Joe Biden’s administration has also sanctioned 17 board members of the Russian financial institution Sovcombank.

Others that have been targeted with new sanctions include, Alrosam, the world’s largest diamond producer, and a few Russian energy companies.