US President Joe Biden announced new sanctions against Russian banks and technology imports following the invasion of Ukraine. One of the latest measures announced by the US president is that the US will isolate the country’s largest bank, Sberbank, from the US financial system. the lender accounts for about a third of Russia’s banking sector.
According to a statement issued by the White House, Sberbank’s “access to transactions made in dollars” will be restricted by preventing it from opening correspondent accounts with banks based in the United States.
“The sanctions we have imposed go beyond anything that has been taken. The sanctions we impose have made two-thirds of the world join us. They are deep sanctions,” Biden said.
This measure is added to the blockade of the assets in the United States of the banks Otkritie, Sovcombank and VTB, the second largest bank in the country and prohibiting Americans from carrying out transactions with them. The sanctioned financial entities represent around US$1 billion in total assets.
Likewise, the North American power will prevent 13 Russian state companies from seeking debt and capital financing in the US market, which will prevent them from raising money from US investors.
The White House also specified that Russia will not be able to import certain types of sensitive technology made in the US, including some “semiconductors, telecommunications, encryption security, lasers, sensors, navigation, avionics and maritime technologies.”
With information from Forbes and Reuters.
Source: Larepublica
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