US takes aim at financial institutions with new Russia sanctions authority

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.

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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.

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