US stocks close lower amid news sanctions against Russia

American stocks closed lower Friday as hopes of progress weakened concerning peace talks between Russia and Ukraine.

The Dow Jones lost more than 200 points and fell 0.69% to 32,944 points.

The S&P 500 was off 1.29% and closed at 4,204. The Nasdaq fell 2.18% to 12,843 points.

Sanctions against Russia by Western countries continued with G7 countries announcing they will remove Russia from the status of "most favored country" in trade.

President Joe Biden announced the US will revoke normal trade relations with Russia.

The move will ramp up economic pressure on Putin and further isolate Moscow from the global stage, said Biden

Those developments caused oil prices to rise again.

Brent crude climbed to $112 a barrel, an increase of more than 3%. West Texas (WTI) gained more than 3% at $109.