US to Impose New Sanctions on Putin’s daughters and Russian Banks

The United States (US) government has announced new sanctions that targets Russian President Vladimir Putin’s daughters and two of the country’s largest banks. 

A fact sheet released by the White House revealed that the full blocking sanctions will include Putin’s adult children Mariya Putina and Katerina Tikhonova, Foreign Minister Sergeĭ Lavrov’s wife, and daughter, and members of Russia’s Security Council including former President and Prime minister of Russia Dmitry Medvedev and Prime Minister Mikhail Mishustin. 

“These individuals have enriched themselves at the expense of the Russian people.  Some of them are responsible for providing the support necessary to underpin Putin’s war on Ukraine,” the White House said. 

The new sanction will cut Putina, Tikhonova, Lavrov’s wife, and daughter, Medvedev, and Mishustin off from the U.S. financial system and freezes any assets they hold in the United States. 

In a separate report from CNN, they quoted an unnamed senior administration official as saying that Putin’s assets could be hidden with his daughters.. 

This practice of hiding assets with their children has been considered a  common practice among the Russian elite. 

The US government has also announced measures to freeze any assets of Russia’s largest private bank, Alfa Bank, and its largest financial institution, Sberbank, touching the U.S. financial system. 

U.S. persons were also prohibited from doing business with Alfa Bank and Sberbank. 

Sberbank controls approximately a third of the assets in the Russian banking sector and is therefore systemically important to the Russian economy.

Alfa Bank is Russia’s largest privately-held financial institution and the country’s fourth-largest overall.

The unnamed senior official declared a restriction on new investment in Russia, which will be implemented in accordance with G7 and EU guidelines. 

President Joe Biden will sign an executive order to put the prohibition into effect.

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