President Joe Biden’s administration has prepared an initial package of sanctions against Russia that includes barring US financial institutions from processing transactions for major Russian banks, three people familiar with the matter said.
The United States will also wield its most powerful sanctioning tool against certain Russian individuals and companies by placing them on the Specially Designated Nationals list, effectively kicking them out of the US banking system, banning their trade with Americans and freezing their US assets, the same sources said.The sources said the package could change up to the last minute and it was unclear who the targets would be.
Sources noted that the administration could exempt certain transactions from the restrictions if deemed necessary.The Biden administration has been threatening tough banking sanctions against Russia for weeks in a bid to deter Russian President Vladimir Putin from invading Ukraine. Moscow has amassed upwards of 150 000 troops on Ukraine’s borders, but Putin has denied plans to launch an attack.