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Thu Apr 15, 2021, 08:49 AM

U.S. imposes sweeping sanctions targeting Russian economy [View all]

Source: Axios


32 mins ago - World

Zachary Basu

The Biden administration announced it will sanction dozens of Russian officials and entities, expel 10 diplomats from the U.S., and set new restrictions on buying sovereign debt in response to the massive SolarWinds hack of federal agencies and interference in the 2020 election.

Why it matters: The sweeping acts of retaliation are aimed at imposing heavy economic costs on Russia, after years of sanctions that have failed to deter an increasingly aggressive and authoritarian President Vladimir Putin.

Details: The administration formally accused Russia's Foreign Intelligence Service (SVR) of carrying out the SolarWinds hack, which Microsoft President Brad Smith has called "the largest and most sophisticated attack the world has ever seen." The intelligence community said it has "high confidence" in the assessment.

The package of sanctions will bar U.S. banks from buying Russian government bonds directly from the the country's central bank, sovereign wealth fund and ministry of finance beginning June 14, complicating Russia's ability to raise money in international capital markets.


Read more: https://www.axios.com/russia-sanctions-solarwinds-cyber-39561a8d-76c0-46ec-9047-6309153d1382.html

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