The US and EU have bolstered sanctions against Russia over its alleged support for separatists fighting in Ukraine.
The US has targeted major banks including Gazprombank, defence firms and energy companies including Rosneft.
Russian President Vladimir Putin was quoted as saying sanctions would take US-Russia relations to a "dead end".
The EU said it would announce details of its sanctions by the end of July, but added that its investment banks would no longer fund Russian projects.
The new round of US sanctions announced by the US treasury significantly expands previous penalties by Washington, which were limited to individuals in Russia and Ukraine and a number of companies.
President Obama: "The Russian leadership will see once again that its actions in Ukraine have consequences"
As well as major banks and energy firms, the weapons manufacturer Kalashnikov Concern is also on the list.
Two self-proclaimed rebel entities in eastern Ukraine - the Donetsk People's Republic and the Luhansk People's Republic - are also targeted.