On the one-year marking of Russia’s invasion of Ukraine, the United States outlined a new round of sanctions on Russian banks, individuals and companies, including financial institutions. Elsewhere, the financial crime regulator Financial Action Task Force (FATF) has already suspended Russia.
In an official statement, the White House said that, in coordination with G7 partners, it has decided to impose the new:
“Sweeping Russian sanctions against key revenue generating sectors to further degrade Russia’s economy and diminish its ability to wage war against Ukraine”.
The latest move is expected to hit more than 200 people and entities, including dozens of Russian financial institutions, including the nation’s biggest non-state public lender.
In the early stages of the war, the United States led efforts to impose Russian sanctions on the country’s central bank and several private lenders, as well as moving to cut them off from the Swift network.
Buy Bitcoin NowIn the meantime, FATF said that it has suspended Russia since its actions in Ukraine “unacceptably run counter to the FATF core principles aiming to promote security, safety, and the integrity of the global financial system”.
