U.S. Targets Major Russian Banks and Tech Sector with Sweeping Sanctions and Export Controls Following Ukraine Invasion

John Smith spoke to USA News Hub about the United States and its allies targeting all 10 of Russia’s largest financial institutions through a combination of “full blocking” sanctions that choke off all transactions with U.S. entities, as well as “correspondent” sanctions that bar transactions with U.S. banks, and debt and equity sanctions on institutions holding nearly 80 percent of Russian bank assets.

“These sanctions are truly economic warfare in response to the military invasion,” John said. “They are the most dramatic and powerful that we’ve seen in the post-Cold War era against a major economy like Russia.”

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