Sanctions

"I'm opening my sparkling water here to toast to the death of Russia's stock market," said Alexander Butmanov.

Dmitry Rogozin, the head of Russia's space agency, said it could "no longer supply the U.S. with our rocket engines that are the best in the world."

After dismissing international condemnation, Russia's foreign minister said "it's clear to everyone that World War III can only be a nuclear one."

"We are coming for your ill-begotten gains," President Joe Biden told oligarchs during his State of the Union address.

Treasury Secretary Janet Yellen said her department plans to "uncover, freeze and seize" the wealth of Russian oligarchs who support Vladimir Putin.

The Ukrainian government has restricted the ability of citizens to conduct electronic transactions, so many are cashing in the national currency for bitcoin.

"The Justice Department will use all of its authorities to seize the assets of individuals and entities who violate these sanctions," Merrick Garland said.

Several states are taking steps to sever ties with Russia, from halting business exchanges altogether to divesting funds overseas and banning Russian products.

Following Vladimir Putin's invasion of Ukraine, the U.S. and its allies have issued unprecedented sanctions on the country and its leaders.

Not all forecasts are rosy, however. Over the weekend, a Biden administration official said China did appear to be respecting U.S. sanctions.

The ban adds to the long list of sanctions placed against Russia to impose severe economic costs against the country for its military action in Ukraine.

The chairman of China's bank regulator said, "We will keep normal economic, trade and financial exchanges with all the relevant parties."

The announcement came a day after Mexico's president and tourism minister said that Mexico would not follow the EU in blocking Russian airlines at its airports.

"Part of an occupation is to win the hearts and minds. (Putin's) not winning the hearts and minds," Lt. Gen.Russel Honoré (ret.)told Newsweek.

"This is likely a further step than Putin's inner circle anticipated," Sen. Chris Murphy said.

The article also contained racist undertones by suggesting that "Anglo Saxon" people must be united in order to control Europe's future.

Shell's exit from the country means that the company has pulled out of the controversial Nord Stream 2 pipeline.

The Russian Direct Investment Fund (RDIF) claimed pharmaceutical companies "lobbied" for the sanctions to hurt Sputnik's marketing on the international level.

Russian banks have jacked up the interest rate to more than 20 percent, up from 9.5 percent before the sanctions.

"Neutrality does not imply to be indifferent with regard to violations of international law," the Swiss Federal Department of Foreign Affairs told Newsweek.

The interest rate at the Russian central bank currently sits at 20 percent.

"Switzerland reaffirms its solidarity with Ukraine and its people," the government wrote in a statement.

Following its invasion of Ukraine, Russia is facing the hardest set of financial sanctions possibly ever—and its economy will feel the pain.

Another oligarch called for peace talks between Moscow and Kyiv to commence "as fast as possible."

Italy and Hungary have joined the list of countries that support the expulsion of Russia from the global banking network.

The comments from a Russian official come as the U.S. said it would sanction the Russian president directly following the invasion of Ukraine.

Prominent Russians spoke out against the president's invasion of Ukraine, while hundreds of anti-war demonstrators were arrested in Moscow and St. Petersburg.

Lawmakers are calling for sanctions targeting Vladimir Putin and Russia's standing in the SWIFT banking system.

Russian Foreign Minister Sergey Lavrov also will be added to the sanctions list for the U.K., EU and U.S.

"The only pressure that Putin would respond to," Clinton said, would be tougher sanctions against the oligarchs with close ties to Vladimir Putin.