US to target banks backing Russia

By Agence France-Presse

Dec 23, 2023 12:24 am

THE United States said Friday it will sanction foreign banks that support Russia's war in Ukraine, in a new bid to exert economic pressure on Moscow as it diversifies from the West to China.

Under an executive order to be signed Friday by President Joe Biden, the United States would be authorized to issue so-called secondary sanctions against financial institutions that support Russia's defense industry, officials said.

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