Biden signs executive order aimed at targeting banks that facilitate war in Ukraine
White House has urged congressional Republicans without success to drop resistance to Ukraine funding over immigration dispute
President Joe Biden on Friday signed an executive order expanding US sanctions authority against Russia and aimed at further isolating Russia’s military and defence sector from the global economy.
The order will provide the Treasury Department with authority to issue so-called “secondary sanctions”, which will target banks and other financial institutions that facilitate the business of companies involved in the importing of technology required for the assembly of arms and munitions for Russia’s military. Previously, such secondary sanctions authority had been primarily used against companies working with corporate and other interests tied to Iran and North Korea, and has been credited with the effectiveness of isolating those countries from the US financial system.
Friday’s action could have a significant effect in the Biden administration’s efforts to cut off Russia’s military and private interests connected to it from the US dollar. It will, however, require the Treasury Department to strategically target those sanctions — and for them to be maintained under whichever administration takes the White House in 2025. Several candidates for the Republican nomination including most notably Vivek Ramaswamy have embraced a skepticism of the US’s strategic alliance with Ukraine and oppose sending further aid to the Ukrainian defence effort.
