Joe Biden bans US banks from buying or underwriting Russian debt sales
CNN
The Biden administration is punishing Russia for its interference in the 2020 US election and cyberattacks by hitting Moscow where it hurts the most: the ruble.
The Treasury Department announced Thursday that starting June 14, US banks will generally be banned from participating in all bond sales by Russia's central bank, ministry of finance and sovereign wealth fund. That means these Wall Street firms won't be able to buy or underwrite these crucial transactions by Russia's central government. This marks a significant escalation of US sanctions on Russia and will make it more difficult for Moscow to raise capital. The Russian ruble declined nearly 1% against the US dollar Thursday and the country's stock market retreated modestly.
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