News > US plans to cut ties with select Russian banks if Ukraine is invaded

US plans to cut ties with select Russian banks if Ukraine is invaded

Business Standard | 21/02/2022 01:05 PM | Click to read full article

President Joe Biden's administration has prepared an initial package of sanctions against Russia that includes barring U.S. 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 U.S. banks.