Biden team briefs Wall Street on potential Russian sanctions including targeting its ability to convert currency and cutting it off from the global banking system
- The U.S. and the European Union are developing a package that would include targeting Moscow’s ability to convert its currency
- Energy penalties are under consideration cutting off access to its Swift system, which manages 42 million orders a day for payments
- U.S. officials worry the sanctions could have global impact, sending prices soaring
- The White House has for months warned Vladimir Putin of stern sanctions if he were to invade Ukraine as Russia amassed 120,000 troops on the border
Executives from the nation’s largest banks were briefed by Biden’s team on potential sanctions it could levy on Russia if it were to invade Ukraine.
Members of Biden’s National Security Council met with executives from banks like Citigroup, Bank of America, JP Morgan Chase and Goldman Sachs, according to Bloomberg.
The U.S. and the European Union are developing a package that would include targeting Moscow’s ability to convert its currency.
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