WASHINGTON (AP) — President Joe Biden is set to sign an executive order giving the U.S. Treasury Department the authority to target financial institutions that facilitate Russia’s efforts to bolster its defense industry.
The new sanctions authority is meant to gum up the Kremlin’s push to restock the Russian military’s depleted arsenal after nearly 22 months of fighting in Ukraine.
“We expect financial institutions will undertake every effort to ensure that they are not witting or unwitting facilitators of circumvention and evasion,” Treasury Secretary Janet Yellen said in a statement announcing the order.
“And we will not hesitate to use the new tools provided by this authority to take decisive, and surgical, action against financial institutions that facilitate the supply of Russia’s war machine.”
The latest effort to tighten pressure on Russia comes just weeks after Biden and G-7 leaders met virtually to discuss support for Ukraine as rancor spreads in Washington over the cost of backing Kyiv in a war that has no end it sight.
“This executive order comes at a critical juncture,” Deputy Treasury Secretary Wally Adeyemo wrote in a Financial Times op-ed published Friday.
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WASHINGTON (AP) — President Joe Biden is set to sign an executive order giving the U.S. Treasury Department the authority to target financial institutions that facilitate Russia’s efforts to bolster its defense industry.
The new sanctions authority is meant to gum up the Kremlin’s push to restock the Russian military’s depleted arsenal after nearly 22 months of fighting in Ukraine.
“We expect financial institutions will undertake every effort to ensure that they are not witting or unwitting facilitators of circumvention and evasion,” Treasury Secretary Janet Yellen said in a statement announcing the order.
“And we will not hesitate to use the new tools provided by this authority to take decisive, and surgical, action against financial institutions that facilitate the supply of Russia’s war machine.”
The latest effort to tighten pressure on Russia comes just weeks after Biden and G-7 leaders met virtually to discuss support for Ukraine as rancor spreads in Washington over the cost of backing Kyiv in a war that has no end it sight.
“This executive order comes at a critical juncture,” Deputy Treasury Secretary Wally Adeyemo wrote in a Financial Times op-ed published Friday.
The original article contains 401 words, the summary contains 188 words. Saved 53%. I’m a bot and I’m open source!