Proposed US sanctions will sever financial institutions' ties with Russian banks should Ukraine be invaded: report
The Biden administration is preparing to impose sanctions that could hurt Russia's economy should diplomatic talks fail to prevent an invasion of Ukraine.
The proposed package of sanctions — to be imposed if Russia invades Ukraine — would block financial institutions in the US from carrying out transactions for major Russian banks,On the same day, President Joe Biden and his Russian counterpart Vladimir PutinBiden's one condition for the US' participation in the meeting is that Russia does not invade Ukraine.
The sanctions include placing certain Russian companies and individuals on the Specially Designated Nationals list, per Reuters. Any person or organization on the list will have their assets blocked, while US citizens will be barred from dealing with them, according to the Reuters' sources named VTB Bank, Sberbank, VEB, and Gazprombank as top Russian banks that the sanctions could target.
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