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

President Biden on Thursday announced an unprecedented package of sanctions and export controls coordinated with European and Asian allies to punish Russia for its invasion of Ukraine.

With the new set of penalties and a beefed up troop presence in NATO’s eastern flank, the Biden administration and allies are seeking to isolate Russian President Vladimir Putin and turn him into a pariah on the international stage. And while the penalties imposed before Thursday did not deter Putin from attacking, Biden said it was nonetheless important to strike hard in unison with allies to try to constrain Putin.

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Edward Fishman, an adjunct fellow at the Center for a New American Security and a former State Department official who worked on sanctions in the Obama administration, said the sanctions imposed Thursday will not only “cause immense financial dislocation but also signals that no sector of the Russian economy is off-limits.”

The sanctions have caused concerns about spillover effects among global banks, Smith said. But most have learned to spread their risks. So, he said, despite some hit to their bottom line, “it should be manageable by most.”

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