EXPLAINER: A Look at Toughest US Sanctions Facing Russia
Reluctant to split with ally Germany, Biden has warded off repeated attempts in Congress to impose financial sanctions on any company or person that does business that involves Nord Stream 2, effectively making it financially impossible for the pipeline to operate. It's unclear if the U.S. might still impose its own sanctions on Nord Stream 2, to amplify the actions that Germany just took.
Tuesday’s actions included hitting civilian leaders in Russia’s leadership hierarchy and two Russian banks considered especially close to the Kremlin and Russia’s military, with more than $80 billion in combined assets. That includes freezing all of those banks' assets under U.S. jurisdiction. Sanctions are imposed on individuals listed on a Specially Designated Nationals and Blocked Persons List through the Treasury Department’s Office of Foreign Assets Control.
For historical context, Western sanctions issued when Russia invaded and annexed Crimea in 2014 included limits on trade, the blocking of assets under American jurisdiction and limits on access to the U.S. financial system. Those restrictions are maintained to this day on at least 735 individuals, entities and vessels, according to the Office of Foreign Assets Control.For the U.S.
Transactions in U.S. dollars ultimately are cleared through the Federal Reserve or through U.S. financial institutions. Crucially for Putin, that means foreign banks have to be able to access the U.S. financial system to settle dollar transactions. That could include adding Russia to the most restrictive group of countries for export control purposes, together with Cuba, Iran, North Korea and Syria, officials said.
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