The first tranche will hit four Russian banks, cut more than half of Russia’s technology imports and target several of the country’s oligarchs.
Energy giant Gazprom and 12 other big companies will be banned from raising capital in Western financial markets.
Defense and aviation technology exports to Russia are also restricted, and 24 Belarusian individuals and organizations accused of supporting and aiding the Kremlin’s invasion of Ukraine will face sanctions.
White House press secretary Jen Psaki also announced on Twitter on Friday that the United States would impose sanctions on the Russian Direct Investment Fund, the country’s sovereign wealth fund.
The package, endorsed by EU leaders at an overnight summit, hammers Russia’s financial, energy and transport sectors and limits Russians’ ability to keep large amounts of cash in banks. the EU.
It also increases the number of Russians on the EU’s list of sanctioned persons banned from entering the bloc’s 27 countries and whose EU assets are blocked.
On Friday, the British government also ordered the freezing of all assets of Putin and Lavrov and banned the jets of oligarchs from its airspace.
The Treasury has issued a financial sanctions notice against the pair, adding them to a list of Russian oligarchs whose assets and bank accounts in the UK have already been frozen.
Earlier, Britain froze the assets of Russian bank VTB and arms maker Rostec, and also banned Russian flagship carrier Aeroflot from its airspace, in addition to targeting five other oligarchs close to Putin.
Prime Minister Justin Trudeau, who has pledged to “punish Russia”, echoed other world leaders on Friday, also imposing sanctions on Putin and Lavrov.
Trudeau further signaled “Canada’s support for removing Russia from the SWIFT payment system, an essential part of the global banking system.”
And he said Belarus would also be punished “for encouraging President Putin’s invasion of a free and sovereign nation”.
A new sanction aimed at punishing Putin and Lavrov’s inner circle will target nearly 60 individuals and entities, including members of the elite, security officials, banks and Russia’s shadowy private security firm the Wagner Group.
Permits to export goods worth $550 million in aerospace, information technology and mining have been cancelled.
India, which has close ties to Moscow and is a major buyer of Russian arms, has so far refrained from joining the sanctions.
Japanese Prime Minister Fumio Kishida criticized Putin’s attempts to “change the status quo by force” and imposed measures targeting exports of semiconductors, currently in global shortage, and financial institutions.
Neighboring Taiwan has announced it will join the sanctions because the Kremlin’s actions pose “the most serious threat … to the rules-based international order”.
In Australia, Prime Minister Scott Morrison unveiled a “second phase” of sanctions targeting 25 people, four financial institutions and entities involved in the development and sale of military equipment.
Another wave would be imposed once “those responsible for these egregious acts” were identified, he said, which could include targeting members of the Russian parliament.
Morrison also criticized China’s response after Beijing said it understood Moscow’s “reasonable concerns” about Ukraine and announced it would increase imports of Russian wheat.