A source familiar with the planned announcement told Reuters that the United States and its allies will impose a new wide-ranging sanctions on Russia on Wednesday.

A source on Tuesday said the sanctions would ban new investments in Russia, increase restrictions on financial institutions and state-owned companies in the country, and target Russian government officials and their families.

Tomorrow, the United States, in coordination with the G7 and the EU, will announce a comprehensive package of additional sanctions measures that will inflict significant costs on Russia and push the country further on the path of financial, economic and technological isolation,” the source said.

The measures to be implemented Wednesday will “disrupt important instruments of Russian state power, cause acute and immediate economic damage to Russia, and hold accountable the Russian kleptocracy, which finances and supports Putin’s war,” the source said.

The source said that the actions being studied will be taken in harmony with the G7 countries and the European Union, and that it shows the determination and unity of the West to impose unprecedented costs on Russia for its war against Ukraine.

According to experts, the war and Western sanctions imposed in response are hurting the Russian economy, which could shrink by up to 15%.

Russia said it launched a “special military operation” in Ukraine on February 24 to demilitarize and “de-Jewish” the country, which President Vladimir Putin views as an illegitimate state. The Kremlin’s position is rejected by Ukraine, which is a parliamentary democracy, and by the West as an excuse for an invasion without reason.