Please see Mark Sumner’s story up now
for details of President Biden’s remarks today and what is happening in response to the Ukraine Invasion (re: sanctions)
Ukraine updates: 'Putin chose this war, and now he and his country will bear the consequences'
excerpt:
The White House has now issued a fact sheet on the new sanctions, which include:
- Severing the connection to the U.S. financial system for Russia’s largest financial institution, Sberbank
- Full blocking sanctions on Russia’s second largest financial institution, VTB Bank (VTB)
- Full blocking sanctions on three other major Russian financial institutions: Bank Otkritie, Sovcombank OJSC, and Novikombank
- New debt and equity restrictions on 13 of the most critical major Russian enterprises and entities
- Additional full blocking sanctions on seven Russian elites and their family members
- Sanctions on 24 Belarusian individuals and entities, including targeting Belarus’ military and financial capabilities by sanctioning two significant Belarusian state-owned banks, nine defense firms, and seven regime-connected official and elites
- Exports of nearly all U.S. items and items produced in foreign countries using certain U.S.-origin software, technology, or equipment will be restricted
- Russia-wide restrictions on technological goods critical to a diversified economy and Putin’s ability to project power; that includes exports of Russian technology
- Tax and fee exemptions for other countries that join in the restrictions on Russia.