A detailed explanation of U.S. economic and financial sanctions imposed in response to Russian President Vladimir Putin’s decision to recognize two “’independent’ states” was released by the Treasury Department Tuesday.
The Treasury detail was released following announcement Tuesday of the sanctions by President Joe Biden (D) during a televised, nationwide address.
The sanctions were described by Treasury as immediate economics costs imposed in response to Putin’s actions applying Russian recognition of the Donetsk and Luhansk regions in Ukraine as “independent” states.
The agency said the U.S. “remains fully prepared to impose further, expansive economic costs” and that the new sector determination outlined in the sanctions “enables Treasury to target Russia’s entire financial system.”
“Today’s actions, taken in coordination with our partners and allies, begin the process of dismantling the Kremlin’s financial network and its ability to fund destabilizing activity in Ukraine and around the world,” said Secretary of the Treasury Janet L. Yellen in a statement. “We continue to monitor Russia’s actions and if it further invades Ukraine, the United States will swiftly impose expansive economic sanctions that will have a severe and lasting impact on Russia’s economy.”
Among other things, the sanctions:
- Block major Russian financial institutions;
- Target elites and families close to Putin;
- Restrict sovereign debt.
A list of subsidiaries of Russian financial institutions sanctioned is included in the list.