President Joe Biden's administration has prepared an initial package of sanctions against Russia that includes barring U.S. financial institutions from processing transactions for major Russian banks, three people familiar with the matter said.
Experts consulted by Reuters said that while the correspondent banking tool lacks the punch of an SDN designation, which freezes a bank's assets, they could still deal a meaningful blow to the target banks by making it difficult to transact in U.S. dollars, the global reserve currency.It is unclear whether Russian banks would be added to the SDN list, but both types of sanctions could hit Russia hard.
Logos are on display outside a branch of VTB bank in Moscow, Russia May 30, 2019. REUTERS/Evgenia Novozhenina Peter Harrell, who sits on the National Security Council, said last month that "heavy hitting financial sanctions" were part of a strategy to hurt Russia's economy but spare its citizens. The tough warnings have put some U.S. financial firms on edge. Members of the financial services and payment industries have been in touch in recent days with the U.S. Treasury Department's Office of Foreign Assets Control, which administers sanctions, sources said.
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