On February 22 and 23, 2022, the Biden Administration announced additional sanctions on Russia. The White House described these sanctions as part of the "first tranche" of sanctions designed to impose "swift and severe costs on Russia" for its actions in Ukraine. These new measures include new blocking sanctions against Russian banks (including their subsidiaries and vessels) and five Russian individuals with close ties to Russian President Vladimir Putin, as well as additional restrictions on dealings in Russia's sovereign debt.