US leaders are working in concert with their allies to punish Russia over the invasion of Ukraine. They announced on Friday that they will work together to revoke Russia's "most favored nation" trade status.

US President Joe Biden said they want to "crush the Russian economy." He joined other leaders of the Group of Seven nations and those from the European Union in a plan to impose tariffs and set quotas on a range of goods.

The leaders will ban imports of vodka, seafood, and diamonds, erasing revenues of more than a billion dollars. And they will ban the export of luxury goods favored by oligarchs including cars, yachts, and jewelry.

G7 leaders are targeting those in Russian President Vladimir Putin's circle. They are adding new names to a list of business people who support him and hide their money in other countries.

The leaders want to make sure Russia can't borrow from institutions such as the World Bank and the International Monetary Fund. So they are moving to cut off that source of funding.

Biden again stopped short of military intervention. He said direct confrontation against Russia would spark "World War Three."