Joe Biden has significantly ratcheted up pressure on Russia’s economy by cutting off the country’s biggest bank, Sberbank, from the US financial system.
Sberbank accounts for close to a third of Russia’s banking sector. The lender and four other financial institutions that the US targeted on Thursday oversee about $1tn in assets in total.
“The sanctions we imposed exceed anything that’s ever been done,” the US president said on Thursday. “The sanctions we imposed have generated two-thirds of the world joining us. They are profound sanctions.”
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