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International Business Times
International Business Times
Business
Shaun TANDON

US To Target Banks That Help Russia War In Ukraine

United States Russia Ukraine The United States Joe Biden China Moscow
The United States says it will sanction foreign banks that support Russia's war in Ukraine (Credit: AFP)

The United States said Friday it will sanction foreign banks that support Russia's war in Ukraine, in a new bid to exert economic pressure on Moscow as it diversifies from the West to China.

Under an executive order to be signed Friday by President Joe Biden, the United States would be authorized to issue so-called secondary sanctions against financial institutions that support Russia's defense industry, officials said.

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