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Biden's first salvo of Russia sanctions hits with thud, not roar

The sanctions targeted a pair of Russian banks, VEB.RF and Promsvyazbank as well as three members of Russia's elite with close ties to the Kremlin.

Photo: Bloomberg
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Photo: Bloomberg

Justin Sink | Bloomberg
U.S. President Joe Biden’s debut set of sanctions on Russia for its actions over disputed Ukrainian territory hit markets not with a bang, but a whimper.
 
Instead of a sweeping package that crippled top Russian banks, cut its financial transactions off from the global economy, or personally singled out President Vladimir Putin -- the U.S. and its allies settled on a modest “first tranche” of penalties. Markets responded with a shrug, underwhelmed by the tit-for-tat approach.

The sanctions targeted a pair of Russian banks, VEB.RF and Promsvyazbank as well as three members of Russia’s elite with close ties to the

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First Published: Feb 23 2022 | 12:09 PM IST

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