The United States Remains Fully Prepared to Impose Further, Expansive Economic Costs
New Sector Determination Enables Treasury to Target Russia’s Entire Financial System
WASHINGTON – Today, the United States is taking action to respond to President Vladimir Putin’s decision to recognize the so-called Donetsk and Luhansk People’s Republics (DNR and LNR) as “independent” states and to deploy troops to these regions by sanctioning two major Russian state-owned financial institutions, imposing additional restrictions on Russian sovereign debt, and sanctioning five Kremlin-connected elites. This action from the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) builds on yesterday’s Executive Order imposing severe restrictions on economic activity with the DNR and LNR regions of Ukraine.
Today Treasury is targeting Russia’s ability to finance aggression against its neighbors by sanctioning the Corporation Bank for Development and Foreign Economic Affairs Vnesheconombank (VEB) and Promsvyazbank…
