US to sanction Russia’s largest financial institution Sberbank, prohibit new investment

In a breaking development, the United States will impose full blocking sanctions on Russia’s largest financial institution - Sberbank, and Russia’s largest private bank, Alfa-Bank, the White House informed in a statement on Wednesday. Taking to Twitter, the White House announced that in addition to the sanctions on Russian banks, President Joe Biden will sign an Executive Order (E.O.) to prohibit new investment in Russia by US persons.

"The U.S. will impose full blocking sanctions on Russia’s largest financial institution, Sberbank, and Russia’s largest private bank, Alfa Bank. In addition, POTUS will sign a new Executive Order (E.O.) that includes a prohibition on new investment in Russia by U.S. persons," the White House informed in a statement. 

US sanctions 'world's largest' Russia-owned darknet market

Earlier on April 5, the US slapped sanctions on the world’s most prominent Russian marketplace on the dark web, and cryptocurrency exchange, Hydra, which operates from Moscow and St. Petersburg. Their crackdown came as the Russia-Ukraine war entered day 41. 

The official statement read, “Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned the world’s largest and most prominent darknet market, Hydra Market (Hydra), in a coordinated international effort to disrupt the proliferation of malicious cybercrime services, dangerous drugs, and other illegal offerings available through the Russia-based site.”

“This action was enhanced by international cooperation with the German Federal Criminal Police, who today shut down Hydra servers in Germany and seized $25 million worth of bitcoin,” it added.

In addition to the imposition of new sanctions, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) is also targeting Russia’s Sanctions Evasion Networks to deter entities from evading their crackdown. Increasing evidence has emerged in the finding reports of Washington’s top Justice Department prosecutor, the KleptoCapture task force, that Russian Oligarchs, sanctioned entities of the Kremlin, and Russian firms have been attempting to work around the US and allied nations' sanctions measures by relocating their assets. KleptoCapture task force also cracked down on key Russian technology companies that the Russian military is reliant on for its defence-industrial base to function.

It is pertinent to note that Biden, along with EU allies has also seized yachts, luxury apartments, private jets, and properties belonging to Russian Oligarchs to crackdown on Moscow’s what he describes as “ill-begotten gains.”