Washington led an international campaign for tough economic penalties after Russia invaded Ukraine in February 2022. Dozens of countries have punished Russian banks, businesses and oligarchs. They froze $300 billion of Russia’s assets, barred it from much of the global financial system and restricted what it could buy and sell.

The new sanctions target aluminum, oil exports and banks as European leaders rush to respond to US-Russia talks that have sparked concern for Kyiv's future.