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The US will punish banks that help Russia evade sanctions

2023-12-22 21:03:00, Kosova & Bota CNA

The US will punish banks that help Russia evade sanctions

American President Joe Biden signed an executive order on December 22 that paves the way for Washington to impose sanctions on financial institutions that help Russia evade sanctions imposed on it because of the war in Ukraine.

The new executive order makes clear that some banks and financial institutions face severe sanctions if they do not end transactions with people and entities on the US sanctions list, particularly those linked to the Russian Ministry of Defense. said the White House.

"We are sending an unmistakable message: anyone who supports Russia's war is at risk of losing access to the American financial system," said US National Security Advisor Jake Sullivan in a statement.

US Secretary of State Antony Blinken said in a statement that the order allows the United States to target institutions outside of Russia that facilitate transactions on behalf of the Russian defense sector.

"The new order gives the United States the authority to ban the importation into the United States of certain goods manufactured in Russia, even if they were first shipped to a third country," Blinken said. The order emphasizes the need for financial institutions around the world "to ensure that they are not involved in activities that assist Russia and to be more vigilant to prevent the possibility of being exploited by Russia's procurement network," he said.

The new executive order is part of the US campaign to crack down on attempts to evade sanctions.

In recent months, the US Treasury Department has imposed sanctions on individuals and entities in the United Arab Emirates, Turkey, Hong Kong and China, accusing them of helping Russia evade sanctions.

Russia's full-scale war in Ukraine began on February 24, 2022. Putin calls the war a "special military operation" to demilitarize Ukraine. The West has responded to Russia by hitting the economy of this country with harsh sanctions.

As a result of the war, thousands of people died and millions more were displaced from their homes./ Rel 





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