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Biden administration announced the second tranche of financial and economic sanctions against Russia
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Biden administration announced the second tranche of financial and economic sanctions against Russia

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The Joe Biden administration announced the second tranche of financial and economic sanctions against Russia for recognizing the DPR/LPR and invading Ukraine.

In a statement, the US Treasury Department called the new sanctions "unprecedented." According to President Biden, these sanctions "will impose severe costs on the Russian economy — both immediately and over time."

In particular, VTB, the second largest bank in the Russian Federation, is included in the so-called SDN (Specially Designated Nationals And Blocked Persons) sanctions list. This means blocking its assets in American jurisdiction, banning dollar transactions and conducting any transactions with American counterparties.

Together with the parent VTB, the US Treasury has added 20 of its "daughters" to the sanctions list. FC Otkritie Bank, Novikombank and Sovcombank have also been added to the SDN list.

The US authorities imposed less stringent restrictions on Sberbank, Russia's largest bank, and 25 of its subsidiaries, recognizing the bank's "unique importance for the Russian economy."

From March 26, 2022, American financial institutions are prohibited from opening or maintaining correspondent or transit accounts for Sberbank. In addition, US banks will have to reject payments in which Sberbank participates.

Author: Usa Really