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Reuters
Reuters
Business
Karin Strohecker

Explainer-How financial Western sanctions might target Russia

Russia Moscow SWIFT United States Ukraine United Kingdom
FILE PHOTO: U.S. President Joe Biden and Russia's President Vladimir Putin arrive for the U.S.-Russia summit at Villa La Grange in Geneva, Switzerland June 16, 2021. Saul Loeb/Pool via REUTERS/File Photo

Growing tensions between Moscow and Western powers have raised the prospect of new sanctions on Russia, possibly the severest yet, in the event of a Russian attack on neighbouring Ukraine.

Last week, U.S. Senate Democrats unveiled a bill to impose sweeping sanctions on Russian government and military officials, including President Vladimir Putin, and banking institutions if Moscow engages in hostilities against Ukraine.

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