Olena Buturlim18:50, 22.12.23

The strengthening of sanctions will ensure that banks do not use the US financial system to circumvent the restrictions.

On Friday, December 22, the White House published the decree of US President Joe Biden, which provides for the possibility of applying restrictions to banks that service payments related to the Russian military-industrial complex, the administration of the US president reported .

Such financial institutions will be denied access to the US financial system. American authorities will be able to ban opening accounts in the US, as well as freeze their assets.

The strengthening of sanctions will ensure that banks do not use the US financial system to circumvent the restrictions. This will put new pressure on banks to make sure they are not being used to circumvent sanctions, US Deputy Treasury Secretary Wally Adeyemo was quoted as saying by Sky News.

The US official noted that most major financial institutions comply with US sanctions aimed at limiting Russia’s military-industrial complex. He said the new order allows the US Treasury to target banks in countries such as China, Turkey, the UAE and others that may be helping Russia avoid sanctions.

“This tool says that if you are a financial institution, you should take steps to ensure that you are not being used by Russian front companies to evade sanctions,” Adeyemo added.

(C)UNIAN 2023