The US and European nations have moved to impose the most potentially crippling financial penalties yet on Moscow, going after the central bank reserves that underpin the Russian economy and severing some Russian banks from a vital global financial network.

The measures, which will include curbs on the Russian central bank’s international reserves, will be implemented in the coming days, the leaders of the European Commission, France, Germany, Italy, Great Britain, Canada and the US  said in a joint statement. “Even beyond the measures we are announcing today, we are prepared to take further measures to hold Russia to account for its attack on Ukraine.”