Biden signed a decree on sanctions against banks that help the Russian military industry
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US President Joe Biden signed a decree that allows for the introduction of secondary sanctions against foreign banks that participate in transactions for the supply of goods and technologies for Russia’s military-industrial complex (VPC). Such banks will be denied access to the US financial system.
Before imposing restrictions on such an institution, the head of the US Treasury must consult with the Secretary of State, and in some cases also with the Secretary of Commerce. If approval is obtained, the Ministry of Finance can prohibit a foreign bank from opening correspondent accounts in the United States, as well as block all its property located on the territory of the country.
The document states that the United States can impose sanctions against a foreign bank regardless of whether the financial institution knew with whom it cooperated.
US Treasury Secretary Janet Yellen said that the purpose of the decree is “to create new and powerful tools against the Russian military machine”, which, according to her, the US authorities will use “without hesitation”.
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