US sanctions cut Russia off from Western financing

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In an unusual and potentially harsh step, Washington blocked Moscow from raising new money from Western banks by prohibiting trading in Russian debt as of March 1. — AFP pic Follow us on Instagram and subscribe to our Telegram channel for the latest updates. WASHINGTON, Feb 23 — US sanctions against Russia announced yesterday include steps to starve the country of financing, although they did not go as far as some observers had expected.Washington’s announcement came after the European Union unveiled its own sanctions in a coordinated Western effort to pressure Russian leader Vladimir Putin.In an unusual and potentially harsh step, Washington blocked Moscow from raising new money from Western banks by prohibiting trading in Russian debt as of March 1.The measures target Vnesheconombank (VEB), Russia’s state development bank, and Promsvyazbank (PSB), another state-supported insti…