The US Treasury Announces Unprecedented Sanctions Against Russia

Today, the US Treasury Department imposed expanded economic measures, which target the basic infrastructure of the Russian financial system including all major Russian financial institutions.

The measures announced by the US Treasury target nearly 80% of all banking assets in Russia, which will have a profound and long-term impact on the Russian economy and financial system.

The US Treasury has also taken action against major Russian financial institutions, based on President Biden’s sanctions announced this week, including imposing sanctions on Russia’s two largest banks and nearly 90 subsidiary financial institutions around the world.

The Treasury also imposed sanctions on additional Russian elites and their family members, as well as additional new restrictions related to the debt and equity of major Russian state-owned companies and large privately-owned financial institutions.

The US Treasury indicated that the aim of these measures is to disrupt and undermine future economic activity, in addition to isolating Russia from international finance and trade, and weakening the Kremlin’s future ability to project power.