New US Sanctions Target Russia’s Biggest Banks and Putin’s Children: NPR
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The United States, European Union and Group of Seven countries are adopting new sanctions against Russia in response to the civilian toll reported in Bucha and elsewhere in Ukraine in recent days.
The US sanctions target Russia’s largest banks, the families of senior Russian officials, including the adult children of Russian President Vladimir Putin, public entities and any new investment in Russia by US nationals.
“We will document and share information about these atrocities and use all appropriate mechanisms to hold those responsible to account,” the White House said in a statement announcing the new measures.
Sanctions are being enacted against senior Russian officials and family members, including Putin’s adult children, the wife and daughter of Foreign Minister Sergey Lavrov, the former president and prime minister Dmitry Medvedev and Prime Minister Mikhail Mishustin.
US actions include blocking sanctions against Sberbank and Alfa Bank, freezing all assets “affecting the US financial system” and banning Americans from doing business with them.
A senior administration official told reporters Wednesday morning that this extends beyond dollar assets: Russia will also be prohibited from making debt payments with funds under US jurisdiction. The administration says this will force Russia “to choose between draining its available funds to repay its debt or defaulting.”
President Biden will sign an executive order prohibiting new investment by Americans in Russia, whether inside or outside the United States. There will also be a ban on any Americans doing transactions with major Russian public entities, which the Treasury Department will detail. Thusday.
An exclusion of energy remains with these actions. Asked about the effectiveness of sanctions in stopping war, the senior administration official said they are never a stand-alone solution.
The United States this week announced an additional $100 million in defense aid for Ukraine, but Ukrainian President Volodymyr Zelenskyy continues to denounce the Western response to recent revelations of civilian devastation as lacking.
This story originally appeared on the morning edition live blog.