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Member countries of the Group of Seven (G7) have said they will continue to target Russian banks in retaliation to Moscow’s continued aggression toward Ukraine.

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In a statement, the G7 leaders said: “We will continue to disconnect Russian banks from the global financial system. We have already significantly degraded Russia’s financial system by targeting the transactions involving central bank assets and a number of other financial institutions.”

The announcement comes as the US and the UK have announced full blocking sanctions against Russia’s largest lender Sberbank.

Alfa-Bank, which is believed to be the largest private bank in Russia, and Credit Bank of Moscow, have also been targeted with new sanctions.

The sanctions announced by the US apply to 42 subsidiaries of Sberbank and six subsidiaries of Alfa-Bank as well.

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Notably, these sanctions do not apply to the Ukrainian ALPHA-BANK JSC, which holds over 6% of all retail deposits in Ukraine and caters to 2.6 million customers.

“We will escalate pressure, including by imposing additional sanctions on state-owned entities that comprise the main drivers of Russia’s economy. President Putin’s regime will no longer be able to rely on these institutions as economic back-stops to stabilise its economy and pursue its objectives,” the G7 members added.

The member countries will “intensify” their “collective implementation and enforcement of existing measures” to prevent circumvention, evasion and backfilling of sanctions.