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US expands sanctions on Russia in crackdown on banking sector

US Broadens Sanctions on Russia, Including Crackdown on Banks and Technology

The US has announced an expansion of sanctions on Russia, targeting banks and technology in an effort to further isolate the country following its invasion of Ukraine. The new measures include sanctions on the Moscow stock exchange, leading to a halt in trading in dollars and euros. Additionally, the US will focus on restricting Russia’s use of technology, including chips and software.

These sanctions come as part of a broader effort to set up a global financial embargo on Russia, according to experts. The US Treasury has imposed sanctions on parts of Russia’s financial system, including the Moscow Exchange, one of the country’s main stock exchanges. The move is aimed at making it more difficult for companies to supply technology to Russia, particularly in the defense sector.

Despite the wave of sanctions, the International Monetary Fund predicts that Russia will see economic growth this year. However, analysts believe that the measures will eventually weaken Russia’s economy and make it harder for Moscow to continue its war efforts. Treasury Secretary Janet Yellen stated that the actions are intended to limit Russia’s access to critical supplies from third countries.

The announcement of the expanded sanctions comes as US President Joe Biden prepares for a G7 summit in Italy, where leaders will discuss ways to support Ukraine in its ongoing resistance against Russia. The sanctions are part of a broader international effort to hold Russia accountable for its actions in Ukraine and to support the country in its struggle against Russian aggression.


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