EXPLAINER: A look at West’s toughest sanctions yet on Russia

By ELLEN KNICKMEYER, FATIMA HUSSEIN and KEN SWEET
Associated Press

WASHINGTON (AP) — The United States has joined European allies in dramatically escalating financial penalties against Russia over its invasion of Ukraine. Saturday’s move comes after the West’s initial rounds of sanctions failed to stop Russian President Vladimir Putin in his military offensive. Two of the key new measures target the heart of Russia’s financial system, the Central Bank, and cut some Russian banks off from the SWIFT financial network. U.S. officials said the moves would send Russia’s ruble currency crashing in value, and intensify its isolation financially after days of earlier sanctions since Russian forces moved into Ukraine late last week.