US Sanctions Russian Banks, Hampering Funding Options

By Grace Dixon (February 22, 2022, 8:00 PM EST) — President Joe Biden on Tuesday called Russia’s recognition of two breakaway regions in Ukraine “the start of a Russian invasion,” unveiling a list of retaliatory sanctions against Russian financial institutions. and cut it off from Western funding.

The retaliatory measures follow President Vladimir Putin’s decision on Monday evening to deploy forces to the breakaway people’s republics of Donetsk and Luhansk and claims that the borders of these regions are further away than previously acknowledged, said Biden at a press conference on Tuesday.

The sanctions, which will take effect immediately, will target Russia’s main state-owned financial institutions, Vnesheconombank and Promsvyazbank and their subsidiaries, as well as domestic elites, and block…

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