{"id":2131574,"date":"2023-12-22T09:54:02","date_gmt":"2023-12-22T14:54:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-to-tighten-grip-on-financial-firms-helping-russia-buy-military-supplies\/"},"modified":"2023-12-22T09:59:45","modified_gmt":"2023-12-22T14:59:45","slug":"biden-to-tighten-grip-on-financial-firms-helping-russia-buy-military-supplies","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-to-tighten-grip-on-financial-firms-helping-russia-buy-military-supplies\/","title":{"rendered":"Biden to strengthen control over financial firms aiding Russia&#8217;s military purchases"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">22<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-to-tighten-grip-on-financial-firms-helping-russia-buy-military-supplies%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2131574&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The Biden Administration Takes Aim at Financial Institutions Facilitating Russian Weapons<\/h2>\n<p>The Biden administration has unveiled plans to\u200b crack down on \u200dfinancial institutions that enable\u200d payments for Russian weapons, in a\u2062 bold move \u200bto disrupt President Vladimir Putin&#8217;s ability to fund the war\u2062 in Ukraine.<\/p>\n<p>President Joe Biden is set to amend two executive orders,\u2064 granting the United States the \u2063power to \u2063<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dem-rep-auchincloss-we-should-impose-secondary-sanctions-against-china-and-cut-off-russian-oil\/\" title=\"Dem Rep. Auchincloss: We Should Impose 'Secondary Sanctions Against China' and Cut Off Russian Oil\">impose secondary sanctions<\/a>\u2063 on financial institutions that do business with firms already \u2063sanctioned for their ties\u2063 to Russia.<\/p>\n<p>While many international banks avoid direct\u200c dealings with Russia to evade sanctions, they often collaborate with financial institutions in\u200b third-party countries that serve as conduits\u2062 to Russia.<\/p>\n<p>Under the new rule, certain U.S.\u2062 banks \u200dmay find themselves in violation of sanctions for indirectly engaging with the\u200c Russian regime.<\/p>\n<blockquote>\n<p>\u201cWe expect financial institutions will undertake every effort to ensure that they are not witting or unwitting \u200cfacilitators of circumvention and evasion,\u201d<\/p>\n<\/blockquote>\n<p>Treasury Secretary Janet Yellen\u200d emphasized in a statement.<\/p>\n<p>The executive order empowers the Treasury Department\u200c to investigate American and European banks that\u200c have relationships with\u200b foreign financial institutions involved in \u200btrading high-value military components, such as semiconductors, machine tools,\u2064 chemical \u2062precursors, ball bearings, and optical systems.<\/p>\n<p>Furthermore, the order grants U.S. authorities the ability\u200b to impose bans on products\u2064 that originated \u200bin Russia but underwent substantial transformation outside of Russian territory.<\/p>\n<p>Senior administration officials have revealed that they will \u2063collaborate with banks \u2063in the U.S. and Europe to provide guidance on the\u2062 necessary steps to avoid complications\u2062 under the new policy.<\/p>\n<p>European Union leaders\u200c have also shown\u200d support for sanction legislation that targets Russia&#8217;s lucrative diamond industry, restricts Russian gas imports, and limits the \u200bimport of processed metals and machinery used in weapon production.<\/p>\n<blockquote>\n<p>\u201cWe will not hesitate to use the \u2064new\u200c tools provided \u200bby this authority to take decisive, and surgical, action\u2063 against\u2063 financial institutions that facilitate the supply\u2063 of Russia\u2019s war machine,&#8221;<\/p>\n<\/blockquote>\n<p>Yellen affirmed.<\/p>\n<p><a href=\"https:\/\/www.washingtonexaminer.com\/\">CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER<\/a><\/p>\n<p> <\/p>\n<h2> How does the\u2063 use of\u200c secondary sanctions by the Biden \u2064administration\u200c expand the scope\u200b of its actions against Russian entities?<\/h2>\n<p><span>  H Russian \u2062entities involved\u2063 in the production and sale \u2063of weapons.\u2062 These\u2064 amendments are part of the administration&#8217;s wider efforts to hold the Russian government accountable \u2063for its aggressive\u200d actions in Ukraine.<\/p>\n<p>The decision to target financial \u200dinstitutions \u200cfacilitating Russian\u200b weapons is significant for several reasons. Firstly, it demonstrates the Biden \u2063administration&#8217;s \u200dcommitment to addressing \u2063the ongoing conflict in Ukraine and supporting its\u2063 ally, Ukraine. By cutting off the funding channels for Russian weapons, the administration aims\u200d to weaken\u2063 President\u2062 Putin&#8217;s ability\u200d to continue fueling the war and thus create pressure for a peaceful resolution.<\/p>\n<p>Moreover, this move is in line with the administration&#8217;s \u200bbroader approach to Russia, which\u2062 includes a\u2063 tough stance on <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/just-like-the-good-old-days-joe-biden-invades-syria-with-convoy-of-us-troops-and-choppers-on-first-full-day-as-president\/\" title=\"Just Like the Good Old Days: Joe Biden Invades Syria with Convoy of US Troops and Choppers on First Full Day as President\">human rights abuses<\/a>, cyberattacks, and interference in democratic processes. President Biden has been clear that his administration \u2064will\u200b not shy away\u2063 from\u2063 taking tough\u2062 measures to protect American interests\u200b and promote global stability.<\/p>\n<p>The use of\u200d secondary \u200csanctions is an important tool in this regard. While\u200b primary sanctions target specific individuals or entities, secondary sanctions go beyond that by punishing third parties who\u200d engage in certain types of transactions with \u2063the sanctioned actors. By imposing secondary \u200bsanctions on financial institutions that facilitate the transactions related to Russian\u2063 weapons,\u2063 the Biden administration is effectively expanding the scope\u200b of its actions and increasing the pressure on those who might consider engaging in such\u200c transactions.<\/p>\n<p>It is worth noting that the Biden administration&#8217;s\u200c approach is consistent with the views of\u2063 many European allies. Following Russia&#8217;s illegal annexation of Crimea \u2062in 2014, the\u200d European \u200dUnion also implemented a\u200d series of sanctions targeting Russia&#8217;s financial, energy, and defense sectors. By aligning its actions with those of its allies, the United\u2064 States reinforces \u2063the message that Russia&#8217;s aggressive behavior \u200dwill not go unpunished and\u200d that there is a united front against such\u200c actions.<\/p>\n<p>However,\u2062 it \u2064is important to acknowledge that this approach also carries some risks. Imposing secondary sanctions on financial institutions can have unintended consequences and\u2062 potentially disrupt global financial markets. Therefore, it is \u200dcrucial \u200cfor the \u2063Biden administration to carefully assess the potential risks and work closely with international partners to mitigate any adverse effects.<\/p>\n<p>In conclusion, the Biden administration&#8217;s decision \u200dto crack down on financial institutions facilitating Russian weapons demonstrates its determination to\u2063 hold Russia\u2062 accountable\u2063 for its actions in Ukraine. By imposing secondary sanctions, the administration aims to disrupt President Putin&#8217;s ability \u200bto fund the war\u2062 and create pressure for a\u200b peaceful \u2064resolution. This move is consistent with the broader approach of the \u200cadministration \u2062to address Russia&#8217;s aggressive behavior. \u2063However, it \u2064is\u2062 important to\u200d proceed with caution and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/derek-chauvin-attempts-hail-mary\/\" title=\"Derek Chauvin attempts Hail Mary.\">mitigate\u2064 potential risks<\/a> to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/stocks-tumble-globally-on-raft-of-economic-political-worries\/\" title=\"Stocks tumble globally on raft of economic, political worries\">global financial stability<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Biden administration aims to disrupt President Putin&#8217;s funding of the Ukraine war by targeting financial institutions facilitating payments for Russian weapons. President Biden plans to amend two executive orders, enabling the US to impose secondary sanctions on these institutions. This move seeks to limit Putin&#8217;s ability to finance the conflict<\/p>\n","protected":false},"author":1,"featured_media":2131575,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2131574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2131574","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2131574"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2131574\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2131575"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2131574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2131574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2131574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}