In a statement, the White House says that, in coordination with G7 partners, it is imposing the new "sweeping sanctions against key revenue generating sectors in order to further degrade Russia’s economy and diminish its ability to wage war against Ukraine".

The move will hit over 200 individuals and entities, including a dozen Russian financial institutions, including the country’s largest non-state public lender.

At the beginning of the war, the US led efforts to impose sanctions on Russia’s central bank and a host of private lenders, as well moving to cut them off from the Swift network.

Meanwhile, FATF says it is has suspended Russia because its actions in Ukraine "unacceptably run counter to the FATF core principles aiming to promote security, safety, and the integrity of the global financial system".