Two Kremlin-backed banks and the sons of three of Russian President Vladimir Putin’s cronies are among the first targets of US sanctions for what President Joe Biden on Tuesday called “the beginning of a Russian invasion of Ukraine.” Biden announced the punitive financial measures after Putin ordered his country’s military to “perform peacekeeping functions” in two breakaway regions of eastern Ukraine.The sanctions prevent the VEB and PSB banks from doing business in the US, cut off their access to the US financial system and freeze any assets under American jurisdiction.
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