The Russian stock market has yet to reopen since the sanctions began, while the ratings company Fitch said Russia would likely default if it used rubles to repay dollar-denominated debt due this week. The Institute of International Finance estimates that the Russian economy will shrink by 15% this year, instead of the 3% growth that was expected pre-invasion.

Announcing tough sanctions against Russian oligarchs over the war in Ukraine was step one, AP reports.

Now the U.S. and its allies are creating new teams to act on their vow to “seize and freeze” the giant boats, estates and other pricey assets of Russian elites.

Treasury Secretary Janet Yellen and Attorney General Merrick Garland on Wednesday for the first time convened a multilateral task force known as REPO, one of several new efforts dedicated to enforcing sanctions.

REPO — short for Russian Elites, Proxies and Oligarchs — will work with other countries to investigate and prosecute oligarchs and individuals allied with Russian President Vladimir Putin. The group is now looking into 50 individuals, with 28 names publicly announced.

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