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President Biden announced several sanctions against Russia on Thursday over its invasion of Ukraine.
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They include measures targeting Russia’s largest financial institutions and restricting its tech imports.
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See the full list of sanctions below.
President Biden unveiled new sanctions on Russia on Thursday in response to the country’s invasion of Ukraine.
The measures take aim at Russia’s economy, military, financial system, and technological imports.
“We will limit Russia’s ability to do business in dollars, euros, pounds, and yen to be part of the global economy,” Biden said in remarks Thursday. “We’re going to stop the ability to finance and grow the Russian military. We’re going to impair their ability to compete in a high-tech 21st-century economy.”
“Putin is the aggressor,” the president added. “Putin chose this war. And now he and his country will bear the consequences.”
Here’s an overview of the sanctions:
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The White House is cutting off Sberbank, Russia’s biggest bank and largest financial institution, from the US financial system, blocking it from processing transactions made in dollars. Sberbank holds nearly one-third of the assets in Russia’s banking sector.
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Assets of Russia’s second-biggest bank, VTB Bank, that are held in the US will be frozen.
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The White House is freezing US assets of three other major Russian financial institutions: Bank Otkritie, Sovcombank OJSC, and Novikombank. With Thursday’s financial sanctions, the White House says it has targeted Russia’s 10 biggest financial institutions and nearly 80% of the country’s banking assets.
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The US is imposing new debt and equity restrictions on several enterprises and entities critical to the Russian economy, stopping them from raising money through the US market.
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A handful of Russian oligarchs and Putin allies are being sanctioned. Assets they hold in the US will be frozen, and they’ll be blocked from entering the country.
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The US is also slapping sanctions on Belarus for its support of Russia’s invasion. The measures will apply to 24 individuals and entities, including two state-owned banks, nine defense firms, and seven officials and elites.
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The White House is taking measures, including US export restrictions, against the Russian Ministry of Defense to limit Russia’s military growth.
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The US is cutting off Russia’s supply of technological goods, restricting its import of semiconductors, telecommunication, encryption security, lasers, sensors, maritime technologies, and more.
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To encourage other countries to take action against Russia for the invasion, the White House will exempt nations from new US licensing requirements for items made in their countries if they impose similar export restrictions on Russia.
You can read the list of sanctions from the White House here.
Read the original article on Business Insider
