New Sanctions Against Russia

U.S. President Biden is set to sign an executive order allowing foreign banks to be disconnected from the U.S. financial system for violating sanctions against Russia. This information comes from Meduza.

The document states that the U.S. Secretary of the Treasury, after consulting with the Secretary of State, has the authority to impose sanctions on foreign financial organizations that facilitate transactions between Russia and third countries. This includes transactions in the fields of defense, technology, construction, as well as aerospace and manufacturing industries, the White House clarified.

It is important to note that the sanctions include a ban on opening accounts in the U.S. or restrictions on their use, as well as asset blocking. The White House may also impose secondary sanctions against financial institutions for supporting Russia and ban the import of processed products originating from Russia but beyond its borders.

Earlier, U.S. Treasury Secretary Janet Yellen stated that the purpose of the executive order is to “create new and powerful tools against the Russian military machine that U.S. authorities will not hesitate to use.” The U.S. has also banned the import of salmon, pollock, and shrimp from Russia, according to the U.S. Department of Treasury.