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Political and Legislative

The US Will Sanction Russian Banks and Impose Export Controls

President Biden on Thursday said the U.S. would sanction major Russian banks and impose export controls on Russia to curtail Russian high-tech imports as part of a coordinated effort with allies to penalize the Kremlin for its military attack against Ukraine. 

In remarks from the East Room of the White House, Biden said the sanctions would target Russian banks holding a combined $1 trillion in assets, including Russia’s two largest financial institutions, Sberbank and VTB Bank. He said the U.S. would also impose sanctions on additional Russian elites with links to the Kremlin. 

Biden condemned Russian President Vladimir Putin for ordering the attack against Ukraine and said that his actions would cost Russia “dearly.”

Read the source article at The Hill

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