US President Biden said removing Russia from SWIFT, a high-security network that connects thousands of financial institutions around the world, is 'not the position that the rest of Europe wishes to take,' but noted it's 'always an option.'
Here's what the Russia sanctions Biden announced today will do — and who they will targetagainst Russia for its invasion of Ukraine will take some time to have their full impacts felt by Russia and its economy.
He added, "He's not going to say, 'Oh my God, these sanctions are coming. I'm going to stand down.' He's going to test the resolve of the West to see if we stay together and we will. We will and it will impose significant costs on him." "If we don't move against him now with these significant sanctions, he will be emboldened," Biden said.Cut off Russia's largest financial institution, Sberbank, and 25 of its subsidiaries from the US financial system. Sberbank holds nearly one-third of the overall Russian banking sector's assets"Full blocking sanctions" on three other large Russia banks: Bank Otkritie, Sovcombank OJSC, and Novikombank.
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