WASHINGTON (Reuters] – As a retaliation against the invasion of Ukraine by the United States, Thursday’s sanctions were imposed on Russia. The new measures targeted Russia’s top banks and elite members. Washington warned of more possible actions.

Five Russian banks including VTB (state-backed Sberbank) and Sberbank (the country’s largest lenders), were targeted. Wealthy individuals and their families are also among those who were included in the list. New export controls were also implemented by the United States.

Washington has imposed new sanctions against Russia after it invaded Ukraine. The attack was by air, land and sea, making this the most serious European state-to-state conflict since World War Two.

U.S. Treasury Department ordered that U.S. bank correspondent banking ties with Russia, which allows banks to send money and make payments, must be severed within 30 days.

Sberbank is prohibited from processing or settling payments to the U.S. Financial System. This restriction is designed to damage the Russian economy.

Reuters reported that correspondent banking restrictions were included in the package for the first time on Sunday.

Washington’s officials were also able to use the United States government’s most powerful sanctions tool. This included adding Russia’s second-largest banks VTB and three others — Otkritie Novikombank, Sovcombank — the Specially Designated Nationals List (SDN).

This move effectively removes banks from the U.S. financial market, prohibits them trade with Americans and locks up their U.S. assets.

VTB warned customers from other countries that Western sanctions would be imposed on their operations.

Sberbanks, Sovcombanks, Otkritie or Novikombank failed to respond immediately to inquiries for comment. A request for comment was also not received by the Russian Embassy in America.

Treasury also announced that sanctions were being imposed on “financial industry elites,” calling them senior bank executives who, according to it, took advantage their proximity to Russia to live extravagant lives.

Alexander Vedyakhin, First Deputy Chair of the Executive Board at Sberbank, and Andrey Pouchkov and Yuriy Soviev, both high-ranking executives of VTB Bank, were among them.

Washington also extended the existing restrictions against U.S. individuals dealing with the equity and debt of Russia-owned entities.