15
Jun
While the measures expand the scope of the U.S. sanctions program, the Biden administration has so far refrained from imposing sanctions on Chinese or European banks it believes are helping Russia. The new measures do not prevent banks from facilitating transactions related to Russia's energy exports, which the Biden administration has allowed to continue out of fear that restricting them could stoke inflation. Announcing the sanctions, Treasury Secretary Janet L. Yellen said in a statement that “Russia's war economy is deeply isolated from the international financial system, leaving the Kremlin's military desperate for access to the outside world.” At the…