On the first anniversary of Russia’s invasion of Ukraine, the US announced new sanctions against Russian people, businesses, and banks. Separately, the Financial Action Task Force (FATF), which keeps an eye out for financial crime, has banned Russia.
In a statement, the White House says that, in coordination with G7 partners, it is imposing the new “sweeping sanctions against key revenue generating sectors in order to further degrade Russia’s economy and diminish its ability to wage war against Ukraine”.
The move will affect more than 200 people and organizations, including a dozen Russian financial institutions, including the country’s largest private public lender that is not run by the government.
At the start of the war, the US led efforts to cut Russia’s central bank and a number of private lenders off from the Swift network and impose sanctions on them.
Meanwhile, FATF says it is has suspended Russia because its actions in Ukraine “unacceptably run counter to the FATF core principles aiming to promote security, safety, and the integrity of the global financial system”.
