US plans to cut ties with targeted Russian banks if Ukraine is invaded, sources say

Feb 21, 2022 | INVESTING

US President Joe Biden’s administration has prepared an initial package of sanctions against Russia that includes barring US financial institutions from processing transactions for major Russian banks, three people familiar with the matter said.The measures, which would only be implemented if Russia invades Ukraine, aim to hurt the Russian economy by cutting the “correspondent” banking relationships between targeted Russian banks and US banks that enable international payments.While US…

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