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"We will limit Russia's ability to do business in dollars, euros, pounds, and yen to be part of the global economy," Biden said in remarks Thursday. "We're going to stop the ability to finance and grow the Russian military. We're going to impair their ability to compete in a high-tech 21st-century economy."

“Our strategy to put it simply is to make sure that the Russian economy goes backward. As long as President Putin decides to go forward with his invasion of Ukraine,” the official added.

The U.S. is also adding Kirill Dmitriev, another ally of Russian President Vladimir Putin, to the sanctions list as well as the direct investment fund Dmitriev heads. The Russian Direct Investment Fund, or RDIF, is officially a sovereign wealth fund but is widely considered a slush fund for Putin.

On Thursday, the Swiss Bankers Association (SBA) told Reuters that the country's banks held between 150 billion and 250 billion Swiss francs ($160 billion to $214 billion) of Russian money.

UBS, Switzerland's largest bank by assets, has around $634 million in direct exposure to Russia — about 3% of its total exposure to emerging markets – according to its 2021 annual report, released last Monday.

Credit Suisse, the country's second-largest bank, revealed in its annual report that it had a gross credit exposure to Russia of about 1.6 billion Swiss francs at the end of 2021.