The Biden administration imposed new sanctions on Russia’s central bank Monday, aiming to accelerate the cost of Moscow’s escalating war in Ukraine.

Russia’s economy was already facing pressure as the central bank more than doubled interest rates on Monday in response to sanctions over the weekend, with Russian President Vladimir Putin convening an emergency meeting to address the fallout. The new penalties block Americans from doing business with the institution and freeze assets, preventing Putin from attempting to defend the ruble. The measures also target Russia’s National Wealth Fund and the Ministry of Finance and follow similar actions by European leaders.