President Biden's new secondary sanctions allow the Treasury to cut off banks from the U.S. financial system if they assist Russia's invasion of Ukraine.
U.S. Secretary of the Treasury Janet Yellen speaks while presiding over a meeting of the Financial Stability Oversight Council at the Treasury Department on May 10, 2024 in Washington, DC.U.S. Treasury Secretary Janet Yellen told Reuters that European banks face growing risks operating in Russia and the U.S. is looking at strengthening its secondary sanctions on banks found to be aiding transactions for Russia 's war effort.
Speaking on the sidelines of a G7 finance leaders meeting in northern Italy, Yellen said that sanctions related to banks' dealings in Russia would only be imposed "if there was a reason to do so, but operating in Russia creates an awful lot of risk," she added. Yellen and other U.S. Treasury officials have said that Russia's economy is increasingly a "war economy" making it more difficult to distinguish between civilian and military or dual-use transactions.
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