As Russia remains postured to strike, US prepares sanctions targeting Russian banks

As Russia remains postured to strike, US prepares sanctions targeting Russian banks

Moscow would have its access to financial markets and high-tech goods limited under Western sanctions being prepared in case Russia attacks Ukraine

ANIUpdated: Monday, February 21, 2022, 10:49 AM IST
article-image
Ukrainian Foreign Minister Kuleba Dmytro, U.S. Secretary of State Antony Blinken, Canadian Foreign Minister Melanie Joly, Japan's Foreign Minister Yoshimasa Hayashi, Italian Foreign Minister Luigi Di Maio, German Foreign Minister Annalena Baerbock, French Foreign Minister Jean-Yves Le Drian, Britain's Foreign Secretary Elizabeth Truss and Vice President of the European Commission Josep Borrell Fontelles posse for a group photo during the Munich Security Conference in Munich, Germany, on Saturday | AP

Washington, D.C. (US): The administration of US President Joe Biden could block US financial institutions from processing transactions for Russian banks as part of a sanctions package that will be implemented if Moscow decides to "invade" Ukraine, Reuters reports, citing anonymous sources.

The sanctions would cut the "correspondent" banking relationships between targeted Russian banks (possibly Sberbank, VTB and Gazprombank) and US banks that enable international payments.

In addition, certain Russian individuals could be cut off from the US banking system: they would be placed on the Specially Designated Nationals (SDN) list and their US assets would be frozen.

UK Foreign Secretary Liz Truss said at the Munich Security Conference this past weekend that anti-Russia sanctions, which will be implemented in the event of a Russian "invasion" of Ukraine, would target Russian "oligarchs" and will also make it harder for Russia to access sovereign debt markets.

Moscow has repeatedly denied Western claims of Russia's alleged preparations for an "invasion" of Ukraine, emphasizing that it is not threatening anyone and at the same time expressing strong concerns over NATO's military activity near the Russian borders.

Meanwhile, the self-proclaimed republics in Ukraine's southeast have announced the evacuation of their citizens to Russia's Rostov Region amid fears of an attack by Kiev forces and continuing shelling of Donbas.

RECENT STORIES

Paris Viral Video: High Voltage Drama At Charles de Gaulle Airport As Migrants Protest Against...

Paris Viral Video: High Voltage Drama At Charles de Gaulle Airport As Migrants Protest Against...

Pakistan Horror: Man Strangulates Sister To Death In Family's Presence; Shocking Crime...

Pakistan Horror: Man Strangulates Sister To Death In Family's Presence; Shocking Crime...

Baltimore Bridge Collapse: Racist Posts Target Indian Crew On Social Media Following Collision

Baltimore Bridge Collapse: Racist Posts Target Indian Crew On Social Media Following Collision

'Undoubtedly Saved Lives': US Prez Joe Biden Lauds Quick Action By Indian Crew Members In Baltimore...

'Undoubtedly Saved Lives': US Prez Joe Biden Lauds Quick Action By Indian Crew Members In Baltimore...

Baltimore Bridge Collapse: 6 Missing Presumed Dead, Says Maryland State Police; Rescue Ops Underway

Baltimore Bridge Collapse: 6 Missing Presumed Dead, Says Maryland State Police; Rescue Ops Underway