US takes aim at financial institutions with new Russia sanctions authority
Dec 23, 2023
Washington [US], December 23: U.S. President Joe Biden on Friday signed an executive order threatening penalties for financial institutions that help Russia circumvent sanctions, the White House said in a statement, as Washington seeks to increase pressure on Moscow.
The order also gives Washington the ability to broaden import bans of certain Russian goods, such as seafood and diamonds, the White House said.
"We are sending an unmistakable message: Anyone supporting Russia's unlawful war effort is at risk of losing access to the U.S. financial system," National Security Advisor Jake Sullivan said in a statement.
The move comes as U.S. funding for Ukraine military aid is running out and the United States and its allies search for new ways to slow Russia's war effort.
Washington already had the power to sanction non-Russian financial institutions but Friday's executive order underscores the "very real risks for foreign financial institutions, many of whom don't seem to have gotten the message yet," said Edward Fishman, a sanctions expert at Columbia University.
The measures clarify that the U.S. can target financial institutions involved in transactions on behalf of those hit with U.S. sanctions or tied to Russia's military industrial base, including the sale of certain critical items.
The order is being issued in coordination with allies, said senior administration officials, speaking on condition of anonymity.
The United States has repeatedly warned companies against skirting U.S. sanctions imposed on Russia, and has targeted firms in the United Arab Emirates, Turkey and China that it has accused of helping Moscow avoid the measures.
Source: Fijian Broadcasting Cooperation
