The U.S. has announced a new round of sanctions targeting Russia, and the family of Russian President Vladimir Putin, in response to the cruelties reported around Kyiv, Ukraine’s capital city. G7 Allies and the European Union are willing to collaborate, according to reports.

Driving the news: U.S. officials said these additional sanctions are designed to impose “severe and immediate economic costs” on Russia, per CBS News.

  • “As long as Russia continues its brutal assault on Ukraine, we will stand unified with our allies and partners in imposing additional costs on Russia for its actions,” the White House said.

Details: The sanctions have been aimed at:

  • Putin’s daughters, Mariya Putina, 36, and Katerina Tikhonova, 35.
  • Prime Minister Mikhail Mishustin.
  • Russian Foreign Minister Sergey Lavrov’s wife and children.
  • Members of Russia’s security council, which includes former President and Prime Minister Dmitry Medvedev.

Russia’s largest banks, Sberbank and Alfa Bank, are also being targeted by the sanctions. The U.S. is prohibiting assets from going through the U.S. financial system, in turn barring business between Americans and Russians who do business through those banks, per The Associated Press.

State of play: Since Russia plays a crucial role in supplying energy, food and other commodities, Treasury Secretary Janet L. Yellen on Wednesday told lawmakers that a global price increase will be felt, especially by poor countries who are dependent on Russia and less equipped to handle the hit, per The Washington Post.

What’s next: The European Union has proposed sanctions that ban imports of Russian coal, restrict access for Russian road carriers and ships, block machinery exports and impose restrictions for Russian oligarchs and their families.

  • These sanctions are yet to be approved, along with travel bans and asset freezes.