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According to the German government, Western nations have accepted new sanctions against Moscow in response to its invasion of Ukraine.

A spokesman for the German government, chairing a panel of seven major industrialized nations, said sanctions would “include all Russian banks previously approved by the international community, and other banks if necessary.”

The sanctions have been approved by the United States, France, Germany, Britain, Canada, Italy and the European Commission.

According to the European Union, sanctions currently cover 70 percent of the Russian banking sector.

Western allies have decided to restrict market access to the Russian central bank, further complicating the depreciation of the ruble since the start of the Ukraine invasion.

European Commission President Ursula von der Leyen has said he wants to “shell” the assets of the Russian central bank.

The new sanctions include Russian oligarchy and their families to prevent them from gaining Western citizenship.

A German government spokesman said the United States, France, Germany, Britain, Canada, Italy and the European Commission were “ready to take further action against peace in Europe if Russia does not stop its offensive against Ukraine.” .

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