Here are the toughest sanctions that the U.S. could impose on Russia over Ukraine
hit members of Putin’s inner circle and their families and two banks that the U.S. considers especially crucial to the Kremlin and Russia’s military. Another new U.S. measure limits Russia’s power to raise money abroad.
Biden insisted in recent weeks that Nord Stream had no chance if Russia invaded Ukraine. “Then there will be no longer a Nord Stream 2. We will bring an end to it,” Biden said.U.S. officials suggested that the latest sanctions were only a hint of how far it could go in targeting Russian companies and individuals.
Overall, the U.S. and its allies aim to impose sanctions that compel Putin to change his ways, while hoping to minimize the harshest impacts on ordinary Russians and any collateral economic damage on the U.S. and European allies. For historical context, Western sanctions issued when Russia invaded and annexed Crimea in 2014 included limits on trade, the blocking of assets under American jurisdiction and limits on access to the U.S. financial system. Those restrictions are maintained to this day on at least 735 individuals, entities and vessels, according to the Office of Foreign Assets Control.
Transactions in U.S. dollars ultimately are cleared through the Federal Reserve or through U.S. financial institutions. Crucially for Putin, that means foreign banks have to be able to access the U.S. financial system to settle dollar transactions.The ability to block that access gives the United States the ability to inflict financial pain well beyond its borders. Previously, the U.S.
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