The U.S. and its allies unveiled new sanctions on Russia on Wednesday, seeking to further punish Moscow for its invasion of Ukraine.
The new penalties include a ban on all new investment in Russia as well as sanctions on Russia’s biggest financial institution, Sberbank, and the country’s largest private bank, Alfa Bank.
Shortly before the Biden administration announced the sanctions, Treasury Secretary Janet Yellen warned lawmakers of a major impact to the world economy due to Russia’s invasion of Ukraine.
In testimony before the House Financial Services Committee, Yellen said Russia’s invasion is “an unacceptable affront to the rules-based global order, and will have enormous economic repercussions in Ukraine and beyond.”
She told lawmakers of a disruption in food supplies for “millions of people around the world.”
The U.S. and its allies have levied multiple sanctions on Russia over its invasion of Ukraine, including freezing central-bank assets and seizing property belonging to those close to Putin. This week, calls for more sanctions increased over killings in the Ukrainian city of Bucha.
were suffering a second day of declines on Wednesday, with technology and other growth shares leading the way lower as investors awaited expected details of the Federal Reserve’s plan to begin shrinking its nearly $9 trillion balance sheet.
Now see: Markets are hankering to find out the Fed’s plan to shrink its $9 trillion balance sheet. They should get their wish today
The Associated Press contributed to this story.