White House releases ‘devastating’ sanctions on Russia

banner-image

In reaction to Russia’s attack on Ukraine, U.S. President Joe Biden issued penalties that did not include cutting Ukraine off from SWIFT payments or crypto transfers.

Biden said the U.S. and its allies in the region would be enforcing sanctions intended at exacting “devastating costs” on Russia as a result of “Putin’s war of choice against Ukraine,” according to a White House release on Thursday. 

Full blocking sanctions on Russia

The United States’ financial system will be disconnected from Russia’s largest bank, Sberbank, and “full blocking sanctions” would be imposed on VTB Bank, Bank Otkritie, Sovcombank OJSC, Novikombank, and their subsidiaries, according to the U.S. President. As part of the sanctions imposed on Russia, Biden highlighted some elite citizens who had “enriched themselves at the expense of the Russian state.”

However, in response to European authorities, Biden told reporters on Thursday that the economic sanctions would not include shutting Russia off from the SWIFT network, a global payments system. Allowing citizens to use this alternative and appearing to be unable to restrict Bitcoin transfers could potentially reduce the impact of any penalties imposed by the U.S. and its allies.

As part of the sanctions imposed on Russia, Biden highlighted some elite citizens who had “enriched themselves at the expense of the Russian state.” 

As TheCoinRise reported, a member of Russia’s Communist Party and vice-chairman of the Duma’s economic policy committee, Nikolai Arefiev, said that the retail customers might lose their investments if Western sanctions are imposed as Russia attacks Ukraine.

Quantum Economics founder and CEO Mati Greenspan said, “if a wealthy individual is concerned that their accounts may be frozen due to sanctions, they can simply hold their wealth in Bitcoin in order to be protected from such actions.”

U.S. actions came shortly after Russia launched a special military operation on Ukraine by launching missiles to attack the country’s military airport.

Dollowing guilty plea to U.S. charges in November, Changpeng Zhao has..

Hashrate Futures, trading under the ticker HUP and offered by Luxor..

ads-image ads-image