The White House said sanctions will hit Russia's largest financial institution, Sberbank, and Russia’s largest private bank, Alfa Bank. This action freezes any assets connected to the US financial system and prohibits US individuals from doing business with them. Putin's own family and some of the closest members of his political circle are also being sanctioned. Putin's two adult daughters, Foreign Minister Lavrov's wife and daughter and members of Russia's powerful Security Council - including former president and prime minister Dmitry Medvedev and current Prime Minister Mikhail Mishustin - are being targeted. "These individuals have enriched themselves at the expense of the Russian people. Some of them are responsible for providing the support necessary to underpin Putin’s war on Ukraine. This action cuts them off from the US financial system and freezes any assets they hold in the United States," a White House statement said.