SNAPSHOTS

With a New Sanctions Package, the U.S. Squeezes Russian Trade

Jun 12, 2024 | 18:58 GMT

A graph of the ruble exchange rate against the background of the Russian flag and paper banknotes.
A graph of the ruble exchange rate against the background of the Russian flag and paper banknotes.

(Photo by Egor Maltsev via Getty Images)

Expanded U.S. sanctions against Russia will increase the cost of dual-use goods for Moscow to continue its war in Ukraine, but they may also strain U.S. relations with states that help the Kremlin. On June 12, the U.S. Treasury unveiled a large new package of sanctions on Russia over the war in Ukraine, including over 300 new primary sanctions designations in jurisdictions around the world. Most impactfully, the United States may place secondary sanctions on financial institutions that interact with any of more than 4,500 Russian entities, up from around 1,200. Entities with which interaction runs the risk of secondary sanctions will now include Sberbank and VTB Bank, Russia's largest banks, and many of Russia's other large industrial and financial institutions....

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