The US administration will tighten sanctions related to Russia next week, US Secretary of the Treasury Janet Yellen announced at a press conference in Washington, Paralel.Az reports citing TASS.

"We continue cracking down on Russian sanctions evasion, and as soon as next week, we will unveil strong new sanctions," she said.

Yellen added that the sanctions will also target "intermediaries in third countries that are supplying Russia with critical inputs for its military."

"Our approach has been to identify either Russian or third country entities and individuals who are working to help Russia acquire the materials that it needs for its military activities in Ukraine. And you should expect that some entities of that sort, such intermediaries, will be designated," Yellen said.

"We've also significantly in recent months, strengthened our sanctions so that we can now designate and sanction financial institutions in third countries <...>," Yellen added.

She stressed that the threat of secondary sanctions on financial institutions has significant consequences, and the US Department of the Treasury is considering further such actions. This means that financial institutions that do business with U.S.-sanctioned entities will be cut off from the U.S. financial system.