December 22, 2023

US takes aim at financial institutions with new Russia sanctions authority

Source: Reuters

Journalists: Andrea Shalal, Daphne Psaledakis

The move comes as U.S. funding for Ukraine military aid is running out and the United States and its allies search for new ways to slow Russia's war effort.

Washington already had the power to sanction non-Russian financial institutions but Friday's executive order underscores the "very real risks for foreign financial institutions, many of whom don't seem to have gotten the message yet," said Edward Fishman, a sanctions expert at Columbia University.


While the order is not aimed at specific countries, those that have been most implicated in evasion and violations of U.S. sanctions are "obvious," Fishman, who worked on Russia sanctions at the State Department during President Barack Obama's administration, said, citing China, Turkey and the UAE as examples.

Read the full story and more from Reuters.


  • Edward Fishman

    Adjunct Senior Fellow, Energy, Economics, & Security Program

    Edward Fishman is an Adjunct Senior Fellow at the Center for a New American Security, where he focuses on the intersection of business, economics, and national security. His r...