The social media CEO, bankers and banks: Biden sanctions financial institutions and Kremlin insiders

Three wealthy and powerful sons of Vladimir Putin’s closest allies were hit by U.S. sanctions on Tuesday, as well as two banks described by the U.S. treasury as ‘crucial to financing the Russian defense industry.’

The sanctions were announced in a White House address by Joe Biden, in response to Putin’s decision to recognize the independence of two breakaway regions of Ukraine. The decision is seen as a precursor to an invasion.

‘If Russia goes further with this invasion we stand prepared to go further as with sanctions,’ said Biden.

‘Who in the Lord’s name does Putin think gives him the right to declare new so-called countries on territory that belonged to his neighbors?’

He described the sanctions as ‘the first tranche to impose costs on Russia in response to their actions’.

Three sons of…