WASHINGTON (Reuters) – The United States on Thursday targeted Russia’s financial services sector and Russian businessman Vladimir Potanin as Washington increases pressure on Moscow over its invasion of Ukraine.

The U.S. State Department imposed sanctions on Potanin, one of Russia’s richest men, and people associated with him, the Treasury Department said in a statement.

The Treasury said it imposed sanctions on Rosbank, a Russia-based commercial bank Potanin acquired earlier this year, along with 17 other entities related to Russia’s financial services sector.

The State Department will also target Potanin’s network and people linked to the government of Russia, the statement read.

“By sanctioning additional major Russian banks, we continue to deepen Russia’s isolation from global markets,” the Treasury’s Under Secretary for Terrorism and Financial Intelligence, Brian Nelson, said in the statement.

“Today’s designations by the United States, together with actions taken by our international partners, will further inhibit the Putin regime’s ability to fund its horrific war against Ukraine.”

(Reporting by Daphne Psaledakis and Humeyra Pamuk; Editing by Chizu Nomiyama)