Many were shocked to see gruesome images coming from the Ukrainian city of Bucha this week following the withdrawal of Russian forces there.
According to Fox News, President Joe Biden has responded by announcing more sanctions, including some that target the daughters of Russian dictator Vladimir Putin.
“I made clear that Russia would pay a severe and immediate price for its atrocities in Bucha,” Fox News quoted Biden as saying in a tweet on Wednesday.
“Today, along with our Allies and partners, we’re announcing a new round of devastating sanctions,” the president went on to add.
Sanctions aimed at Putin’s children and high-level officials
Under the new rules, Mariya Putina and Katerina Tinkonova will be barred from accessing American financial systems and any assets they hold in the United States will be frozen.
The penalties don’t just apply to Putin’s children, as Russian Prime Minister Mikhail Mishustin was targeted along with the wife and children of Russian Foreign Minister Sergey Lavrov.
Other targets include former Russian president and Prime Minister Dmitry Medvedev as well as his fellow members of the Russian Security Council.
Fox News noted that Russia’s economy was badly damaged following its invasion of neighboring Ukraine, with the Wall Street Journal reporting that trading on Moscow’s stock exchange had to be halted for nearly a month.
Russian currency is making a recovery
However, the network pointed out that Russia’s currency has regained most of its lost value, with $1 buying 84 RUB as of Wednesday. At various points before the war, $1 could be exchanged for between 83 RUB and 139 RUB.
Still, some observers are skeptical that Russia’s economy will continue to hold up under the weight of Western sanctions.
One of them is Andrew Kim, who serves as a research fellow in economic freedom at the Heritage Foundation. He told Fox Business that any Russian economic rebound is likely to be temporary.
“I think it’s just part of the process,” Kim was quoted as saying of the upswing in Russia’s currency. “I don’t think this is any meaningful recovery, it’s an ongoing process. What’s more important and more critical is the next step.”