UK sanctions on Russia target five smaller banks

EU and US yet to announce detailed measures as expert calls possible Biden measures “weak”

Russian flag
Giorgio Comai

European and North American governments began announcing sanctions on Russia’s financial sector after Russian president Vladimir Putin effectively ordered the invasion of eastern Ukraine.

The UK announced sanctions on specific banks, which targeted only smaller lenders and avoids Russia’s larger institutions. The European Union and the US have also announced sanctions against the financial sector but have not yet specified which institutions will be targeted.

One expert called on the US

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