US unveils new sanctions on Russia while Yellen warns of “huge economic impact” from invasion of Ukraine

The US and its allies on Wednesday announced new sanctions against Russia to further punish Moscow for its invasion of Ukraine.

The new penalties include a ban on all new investments in Russia, as well as sanctions on Russia’s largest financial institution, Sberbank, and the country’s largest private bank, Alfa Bank.

Just before the Biden administration announced the sanctions, Treasury Secretary Janet Yellen warned lawmakers that Russia’s invasion of Ukraine could have a significant impact on the global economy.

In testimony before the House Financial Services Committee, Yellen said Russia’s invasion was “an unacceptable affront to the rules-based world order and will have a huge economic impact on Ukraine and beyond.”

She told lawmakers about a disruption in food supplies for “millions of people around the world.”

The US and its allies have imposed several sanctions on Russia over its invasion of Ukraine, including freezing central bank assets and confiscating property from people close to Putin. Calls for more sanctions for killings in the Ukrainian city of Bucha have been voiced this week.

US Stocks SPX,
suffered a second day of declines on Wednesday, with technology and other growth stocks 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 look: Markets are eagerly awaiting the Fed’s plan to shrink its $9 trillion balance sheet. You should get your wish today

The Associated Press contributed to this story. US unveils new sanctions on Russia while Yellen warns of “huge economic impact” from invasion of Ukraine

Brian Lowry

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