White House officials have announced the formation of a new task force that will target Russian oligarchs. The task force will be enforcing sweeping sanctions against the powerful billionaires similar to those enforced against Russia following its attack in Ukraine.

Attorney General Merrick Garland formally announced the establishment of the task force called KleptoCapture. The task force will include agents from different federal law enforcement agencies. Garland said the task force and the Justice Department would use everything in their power to seize the assets of the Russian oligarchs who violate the sanctions imposed upon them.

Garland said KleptoCapture will investigate, arrest, and prosecute those who are involved in criminal acts that enabled the Russian government to launch its "unjust war." He added that even the most powerful Russian billionaires would be held accountable if they violated U.S. law.

Russian oligarchs generally refer to a group of people, mostly close associates of Russian President Vladimir Putin, who acquired much of their wealth during the first years of the post-Soviet regime. After the fall of the Soviet Union, a handful of people had carved up various industries amongst themselves, monopolizing them and generating immense wealth for themselves and their families.

Deputy Attorney General Lisa Monaco issued a stern warning to Russian oligarchs, stating that the U.S. will deprive them of any "safe haven." She added that the nation would use "every tool" to freeze and seize profits made from any criminal activities.

U.S. officials have already seized some assets in the country owned by known Russian oligarchs, including a $65 million yacht owned by Oleg Deripaska and another $80 million yacht owned by Vagit Aleksperov.

Apart from physical assets, the new task force will reportedly also be focusing on digital assets such as cryptocurrency. Russia has been using digital currency to evade foreign sanctions and laundering money obtained from foreign corruption. The task force will also be investigating international financial records as well as data from financial regulators and their partners in the private sector.

Russia launched a full-scale attack in Ukraine late last week, sparking worldwide condemnation. The U.S., the European Union, and several other nations committed to imposing sanctions in response to Russia's attack and occupation of Ukraine. Major companies such as Apple, Nike, Netflix, Facebook, and YouTube have also taken action against Russia by either limiting or pulling their services and products.

The latest actions underscore the world governments and business sector's joint efforts to retaliate against Russia's invasion of Ukraine.