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.

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