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President Biden announced on Thursday several sanctions against Russia over the invasion of Ukraine.
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This includes measures to target Russia’s largest financial institutions and limit their technology imports.
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See the complete list of sanctions below.
President Biden Announce new sanctions on Russia Thursday as a national response Invasion of Ukraine.
These measures target Russia’s economic, military, financial system, and technology imports.
“Russia will limit its ability to do business in dollars, euros, pounds and yen, making it part of the global economy,” Biden said. remarks Thursday. “We are going to stop the Russian army’s ability to raise and grow. We are going to undermine their ability to compete in the high-tech 21st century economy.”
“Putin is an invader,” the president added. “Putin chose this war, and now he and his country will bear the consequences.”
The outline of the sanctions is as follows.
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The White House has separated Sberbank, Russia’s largest bank and largest financial institution, from the US financial system, blocking the processing of transactions made in dollars. Sberbank owns almost one-third of the assets of the Russian banking sector.
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The assets of VTB Bank, Russia’s second largest bank held in the United States, will be frozen.
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The White House has frozen US assets of three other major Russian financial institutions: Bank Otkritie, Sovcombank OJSC, and Novikombank. The White House said Thursday’s financial sanctions targeted nearly 80% of Russia’s top 10 financial institutions and the country’s banking assets.
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The United States imposes new debt and capital restrictions on some companies and entities that are important to the Russian economy, preventing them from raising funds through the US market.
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A handful of Russian oligarchs and Putin allies have been sanctioned. The assets they hold in the United States will be frozen and prevented from entering the country.
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The United States has also imposed sanctions on Belarus for supporting Russia’s invasion. This measure applies to 24 individuals and groups, including 2 state-owned banks, 9 defense companies, 7 civil servants and the elite.
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The White House has taken steps against the Russian Defense Ministry, including US export restrictions, to limit Russia’s military growth.
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The United States cuts off the supply of Russian technology goods and restricts imports of semiconductors, communications, cryptographic security, lasers, sensors, maritime technology and more.
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To encourage other countries to take action against Russia for aggression, the White House will impose similar export restrictions on Russia from the new US licensing requirements for items made in its own country. Exempt from.
You can read the list of sanctions from the White House here.
Read the original article Business insider