President Biden is expected to sign an executive order (EO) on Friday, escalating sanctions against Russia’s military capabilities. The EO will penalize foreign banks within the U.S. financial system for processing transactions linked to Russia’s military-industrial base, threatening their access to the American financial system. This step aims to hinder Russia’s supply chain, slowing down its military advancements.
The move coincides with the upcoming two-year anniversary of Russia’s invasion of Ukraine. Despite existing international sanctions, Russia has continued its military efforts. The new EO is designed to close loopholes that have allowed Russia to acquire materials for its military despite global sanctions. It will hold foreign banks accountable for scrutinizing transactions that indirectly support Russia’s military operations.
Additionally, the EO plans to restrict U.S. imports of certain Russian exports, including diamonds and seafood, especially those altered in third countries to disguise their origin. The White House will soon specify the seafood types subject to this ban.
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