The US and EU lead efforts to heap further pressure on oligarchs by banning exports of luxurious yachts, cars, and alcohol to Russia

• The US and the EU ban luxury exports to Russia designed to be a "direct blow to the Russian elite."
• Many oligarchs' favored goods won't be available in Russia, due to the new sanctions.

The US is taking more steps in a bid to further isolate Russia from the global financial system, according to a statement posted on the White House's website.

President Biden, along with G7 leaders from Canada, France, Germany, Italy, Japan, and the UK, as well as the European Union, are imposing further economic actions as a consequence of Russia's unprovoked attack on Ukraine.

According to the announcements, the actions include a ban export of luxury goods, including "high end-watches, luxury vehicles, high-end apparel, high-end alcohol, jewelry, and other goods frequently purchased by Russian elites."

The White House statement said: "The elites who sustain Putin's war machine should no longer be able to reap the gains of this system and squander the resources of the Russian people."

The sanctions will also prevent the import of goods from several signature sectors of Russia's economy, further sanctions on Russian elites and their family members such as Yuri Kovalchuk, and ensure Russia cannot obtain financing from leading financial institutions.

Jointly with the G7 leaders, the US will ensure Russian imports do not receive "most favored nation treatment" and will work to deny the country the benefits of its WTO membership.

The European Commission's President Ursula von der Leyen also announced the fourth package of restrictive measures, saying: "Those who sustain Putin's war machine should no longer be able to enjoy their lavish lifestyle while bombs fall on innocent people in Ukraine."

She added they were taking further measures to "drain resources [Russia] uses to finance this barbaric war."

The luxury vessels owned by Russian oligarchs have come under intense scrutiny as sanctions against them have ramped up. Insider's Taiyler Simone Mitchell compiled a photo list of some of the most notable examples.