Biden says U.S. Will Sanction Russian Financial Firms, Sovereign Debt And Individuals After Ukraine Incursion


President Joe Biden said Tuesday that Russia has begun “an invasion” of Ukraine, and he announced sweeping sanctions on a major Russian bank VEB, and its military bank.

The sanctions will prohibit American financial institutions from processing transactions for VEB and its military bank. This would effectively cut the banks out of transactions involving U.S. dollars, the global reserve currency.

Biden also announced that the United States will sanction Russia’s sovereign debt.

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