The US has sanctioned four board members of Russia's Novikombank, the second-largest lender in Russia, as well as four board members of AO ABR Management, according to US Secretary of State Antony Blinken.

In a statement, Blinken added that “the Department of State is imposing sanctions on four board members of Novikombank, including its Chairwoman Elena Aleksandrovna Georgieva. The State Department is also imposing sanctions on AO ABR Management and four of its board members." 

Because Russia's large banks are deeply integrated into the global financial system with the country being one of the world's largest energy producers, sanctions against Russia could disrupt global economies.

In the same context, the President of the European Commission, Ursula von der Leyen, announced Friday that a fourth package of EU sanctions against Russia will be adopted on Saturday.

She also pointed out that the EU intends to achieve the suspension of Russia's rights in the International Monetary Fund and the World Bank.

Read more: Germany in a quagmire over Russian energy

It is noteworthy that on Thursday, the EU's Foreign Policy Chief, Josep Borrell, confirmed that the European Union has reached the limit of its capabilities to impose financial sanctions on Russia.

Last week, Russian President Vladimir Putin said that the wave of sanctions the West has been imposing on Russia as a consequence of its military operation in Ukraine is comparable with a declaration of war.