- England return to winning ways in Nations League, Austria thrash Norway
- UN chief says attacks on UNIFIL 'may constitute a war crime'
- Ravens outlast Commanders while Bucs batter Saints in NFL
- Dozens hurt in Israel as Hezbollah claims drone strike
- England deserve 'world class' coach: Carsley
- Burkina Faso win to become first qualifiers for 2025 AFCON
- AC Milan's Pulisic among five out for USA match in Mexico
- France's Amandine Henry retires from international football
- Centre-left set to win pro-Ukraine Lithuania's vote
- India's World Cup hopes in Pakistan hands after Australia defeat
- Zelensky says NKorea sending troops to Russian army
- England beat Finland to get back on track
- King and Lewis propel West Indies to T20 triumph over Sri Lanka
- Pre-Halloween 'Terrifier' lands atop North America box office
- 'I still plan to compete and play next season,' says Djokovic
- Harris, Trump seek advantage in knife-edge election battle
- Chepngetich shatters women's marathon world record in Chicago
- Kamindu and Asalanka power Sri Lanka to 179 against West Indies
- Chepngetich shatters women's marathon world record as Korir wins in Chicago
- Spain send injured Yamal home 'to prioritise player's health'
- In milestone, SpaceX 'catches' megarocket booster after test flight
- Iraq walks fine line with pro-Iran factions to avoid war
- Race four abandoned after New Zealand breeze into 3-0 lead in America's Cup
- West Indies win toss, put Sri Lanka in to bat in first T20
- Sudan rescuers say air strike killed 23 in Khartoum market
- Netanyahu tells UN to move Lebanon peacekeepers out of 'harm's way'
- Bangladeshi Hindus defy attack worries to celebrate festival
- Kiwis three up in America's Cup as Ineos pay for time penalty
- In a first, SpaceX 'catches' megarocket booster after test flight
- Dominant England crush Scotland at Women's T20 World Cup
- Dropped: The rise and fall of Pakistan batting maestro Babar Azam
- Israel fights Hezbollah on the ground, pounds Lebanon from the air
- Sabalenka outlasts local hero Zheng to win third Wuhan Open title
- Bangladeshi Hindus shrug off attack worries to celebrate festival
- Former Pakistan captain Azam dropped for second England Test
- 'Opportunist' Dupont dazzles on Toulouse return
- Australia replace injured Vlaeminck with Graham at Women's T20 World Cup
- Sinner wins Shanghai Masters to deny Djokovic 100th career title
- Ubisoft fears assassin's hit over falling sales
- Israel hits Lebanon from the air and fights Hezbollah on the ground
- China's Yin has 'goosebumps' as she romps to LPGA win in Shanghai
- Pakistan to re-use Multan pitch for second England Test
- Blair and King Charles hail Salmond's 'devotion' to Scotland
- Vietnam, China hold talks on calming South China Sea tensions
- SpaceX will try to 'catch' giant Starship rocket shortly before landing
- England captain Stokes in line for second Pakistan Test return
- Japan's former empress Michiko discharged after surgery: reports
- Japan's former empress Michiko discharged after surgey: reports
- Israel widens Lebanon strikes as troops fight Hezbollah along border
- Bowlers' graveyards: Pakistan's placid pitches under fresh fire
US starts targeting banks that help Russian war in Ukraine
The United States said Friday it will impose sanctions on foreign banks that support Russia's war in Ukraine, in a new bid to exert pressure on Moscow as it diversifies from the West to China.
Under an executive order signed by President Joe Biden, the United States will slap so-called secondary sanctions against financial institutions that back companies already targeted for supporting Russia's defense industry.
"We are sending an unmistakable message: anyone supporting Russia's unlawful war effort is at risk of losing access to the US financial system," Jake Sullivan, Biden's national security advisor, said in a statement.
Sullivan said the new sanctions will "continue tightening the screws on Russia's war machine and its enablers," adding that earlier measures have "significantly degraded" Russia's military, long seen as among the world's most formidable and which in recent months has relied on imports from sanctioned North Korea and Iran.
But Russia since the start of the war has been rapidly working to reduce exposure to the West, shifting away from trade in dollars, euros, sterling and yen.
China's largest banks meanwhile have extended billions of dollars worth of credit in renminbi to Russia since the war as Western institutions exit.
Deputy Treasury Secretary Wally Adeyemo said that major banks in countries such as China, Turkey and the United Arab Emirates have largely made efforts to avoid running afoul of US sanctions, and that the new measures would target smaller institutions.
Russia has been setting up front companies to hide purchases through third countries, Adeyemo said in an interview with CNBC.
"They're not going through big companies in these countries. They're going through small firms to get things like micro-electronics and machine tools and engine parts," he said.
"But all of these companies still have to use the financial system."
- Russia weathering blow -
Russia's economy has taken a hit from the pressure but is still on a growth trajectory, with the International Monetary Fund in October forecasting that its economy would expand 1.1 percent in 2024.
A key target has been Russia's oil exports, with Western powers agreeing to a cap of no more than $60 a barrel.
The US Treasury Department said Thursday that the cap brought down Russia's tax revenue from oil and petroleum goods exports by 32 percent between January and November, compared to a year ago.
But other assessments have been less rosy on the impact. A recent study by the Kyiv School of Economics found that compliance with the price cap has been virtually non-existent due to widespread fraud.
The new effort at secondary sanctions comes as the G7 group of industrialized democracies balks at seizing Russian government assets to support Ukraine, a potentially major means of pressure backed by the United States.
Direct US assistance to Ukraine could also soon dry up, with Congress yet to approve a request by the Biden administration due to an unrelated dispute on immigration policy.
The White House fears an end to aid would give new momentum to Russia against Ukraine, which has received $43 billion in military assistance from the United States since the invasion.
In parallel actions on Friday, the United States said it will step up sanctions against Russian diamonds and seafood -- banning their import if they originated in Russia, even if they were then processed elsewhere.
The action comes days after a European Union ban on Russian diamonds. The United States has already banned imports of Caspian Sea caviar since 2005 for conservation reasons.
The United States has been stepping up the use of secondary sanctions, despite concerns among some policymakers and experts that it will encourage other countries to move away from the dollar.
The United States has used its clout most visibly on Iran by threatening countries that buy oil from the clerical state.
P.Mathewson--AMWN