More economic sanctions have been imposed against Russia by the U.S., with allies following suit, over what Washington has called the beginning of an "invasion of Ukraine."  

U.S. President Joe Biden announced the additional sanctions on Tuesday, warning there would be more should the Kremlin move on its ambition to "take more territory by force."

The latest sanctions are mainly directed at two major state-owned Russian banks, VEB and PSB, as well as their subsidiaries. Biden said the move would cut off the Russian government from western financing. Three families of Russian elites were also sanctioned.

They come as a response to Russian President Vladimir Putin ordering "peacekeeping" troops into Donetsk and Luhansk in eastern Ukraine after recognizing the independence of the two regions on Monday.

Following the U.S., the UK, Canada, Japan, Australia were among a flurry of allied nations announcing their coordinated sanctions, which include financial and travel restrictions. Russian elites and organizations who voted in favor of the use of force abroad were also targeted. 

Notably, Germany blocked a Russian gas pipeline, the Nord Stream 2, key to Moscow's plans to sell energy to Europe, despite knowledge the move will likely raise energy prices on the continent.