President Joe Biden’s administration has prepared an initial package of sanctions against Russia that includes barring U.S. financial institutions from processing transactions for major Russian banks, three people familiar with the matter said.
Highlights
- President Joe Biden’s administration has prepared an initial package of sanctions against Russia that includes barring U.S.
- financial institutions from processing transactions for major Russian banks, three people familiar with the matter said.
- The measures aim to hurt the Russian economy by cutting the “correspondent” banking relationships between targeted targeted Russian banks and American banks that enable international payments.
- The White House and Treasury Department declined to comment.
- The sources said the package could change up to the last minute and it was unclear who the targets would be.
- It is unclear whether Russian banks would be added to the SDN list, but both types of sanctions could hit Russia hard.