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The US is preparing a ban on servicing Russian banking transactions

Foto: REUTERS/ Scanpix/LETA

The White House has drafted a first package of sanctions against Russia, which aims to ban US financial institutions from servicing the transactions of large Russian banks, Reuters reported, citing anonymous sources.

According to the information at its disposal, the sanctions package will only come into force if Russia invades Ukraine. The measures are aimed at damaging the Russian economy by disrupting global cash flows, the underlying correspondent relationship between US and Russian banks.

According to Reuters, sanctions could be imposed on Sberbank, VTB, Gazprombank and the Russian state development institution VEB.RF.


The U.S. could also draw up a list of Russian citizens and companies that would be effectively denied access to the U.S. banking system, banned from trading with the U.S. and frozen their assets in the U.S., anonymous sources told the news agency.

In mid-February, Reuters said, citing anonymous sources, that the United States and the European Union plan to impose sanctions on Russian oligarchs, defense and technology exports, and Russian banks, while not planning to exclude them from the international payment system SWIFT.


On February 16, US President Joe Biden warned of extensive sanctions on Russia’s export and financial sectors if Russia invaded Ukraine. Earlier, he admitted that sanctions could also be imposed on Russian President Vladimir Putin personally. In the Kremlin, this scenario was equated with a breakup.

It has already been reported that the President of the European Commission (EC), Urzula von der Leiena, has warned that if Russia invades Ukraine, it will no longer have access to international financial markets.


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