The Biden administration on Wednesday announced new sanctions on Russia, including on dictator Vladimir Putins adult daughters, following new evidence of war crimes by Russian soldiers in Putins invasion of Ukraine.

The sickening brutality in Bucha has made tragically clear the despicable nature of the Putin regime, a senior administration official said Wednesday morning on condition of anonymity. Today, in alignment with [wealthy Group of Seven] allies and partners, were intensifying the most severe sanctions ever levied on a major economy.

The new measures freeze any American assets of Sberbank, Russias largest financial institution, and Alfa Bank, the largest Russian private bank, barring them from any contact with the sprawling U.S. financial system or American individuals. They also target Russian individuals, including Putins children and some of his top advisers. And President Joe Biden is issuing a bar on new investment in Russia by Americans.

The administration official said the sanctions that have been imposed previously are already causing Russias economy to contract by double digits and have created inflation of 15% and interest rates topping 20% and that the new sanctions will exacerbate those conditions.

The sanctions are generating the impact we warned Putin about for months, the official said. And at this rate, it will go back to Soviet-style living standards from the 1980s.

The official acknowledged that Putin has so far not backed down from his invasion despite his worsening economy, but said popular unrest could eventually hurt the dictator.

Even an autocrat like Putin has a social contract with the Russian people. He took away their freedom in exchange for promising stability. Hes not giving them stability at the moment. Hes giving them instability, and insecurity, the official said. Whats the end game here for Putin? Whats he playing for? This is very clearly becoming a failure for him. At some point he will have to recognize that reality.

The official said that family members of Russian leaders are also being named because Russian officials and oligarchs hide their wealth in the United States and other Western countries through their spouses and children.

Yes, we believe that many of Putins assets are hidden with family members. And thats why were targeting them, the official said, confirming that the sanctions specifically name Putin daughters Katerina Tikhonova and Maria Putina.

After Russian troops withdrew from Bucha, a small city north of the Ukrainian capital of Kyiv, Ukrainian forces and journalists have in recent days discovered slain civilians some of them with their hands tied behind their backs in the streets and in mass graves filled with more than 250 people . Russian troops also killed dozens of civilians in two other towns near Kyiv, Irpin and Hostomel, while they controlled those areas, Ukrainian officials say.

Mothers of Russian soldiers should see that. See what bastards youve raised, Ukrainian President Volodymyr Zelenskyy said of the mounting evidence of atrocities on Telegram on Sunday. NATO Secretary General Jens Stoltenberg accused Moscow of brutality against civilians we havent seen in Europe for decades.