EU and US target Russia’s banks

Washington is greatly expanding sanctions against the Russian financial sector. The Europeans are somewhat more restrained. However, experts doubt that the measures will have any effect in the short term.

The US, UK, and EU are significantly increasing the pressure on Russia’s banks. The US Treasury Department announced last night that it would also place the country’s two largest institutions, Sberbank and VTB, on the sanctions list and thus no longer allow them to conduct dollar-based transactions. In addition, Washington is freezing the US-related assets of VTB and three other Russian banks.

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