Sanctions

The United States, Canada, European allies, and other countries announced a rash of sanctions against Russia over its invasion of Ukraine, including cutting Russian banks from the SWIFT messaging service, banning Russian aircraft, limiting the business dealings of Russian oligarchs, and other measures that will economically isolate the country.

President Biden announced a ban on all Russian aircraft from American airspace during the State of the Union on Tuesday evening.

Russians queued up in long lines to withdraw cash from ATMs in recent days as crippling sanctions sent the ruble plummeting in response to Putin's invasion of Ukraine.

Russia's central bank has shut down the Moscow Exchange until March 5 as the ruble plummets amid surging sanctions over the country's invasion of Ukraine.

Russia and China have maintained a close working relationship for years, but that relationship appears to be in question after Russia made the decision to invade Ukraine and take on serious economic sanctions.

Two Chinese state-owned banks will restrict financing for Russian commodity purchases, suggesting limits to Beijing's support as the Kremlin confronts economic sanctions over its attack of Ukraine.

European Union officials are preparing a third round of sanctions against Russia over the attack on Ukraine, including freezing the European assets of Russian President Vladimir Putin and Foreign Minister Sergey Lavrov, according to media reports.

Russia plans to impose sanctions on Western nations as retaliation for the financial penalties and sanctions put on Russia. Moscow has prepared counteractions to hit the "weak" spots of the West.

U.S. financial institutions are largely prepared to handle a new round of Russia-related sanctions in the wake of the invasion of Ukraine, given the steady ratcheting up of pressure against Russia over the past eight years and recent warnings of such measures from the Biden administration, according to experts with knowledge of the U.S. banking sector.

Republican lawmakers are pushing President Biden to take a tougher stance against Russia, urging the White House to impose even stricter financial sanctions on Moscow.

Russia's ultrawealthy oligarchs have lost $32 billion so far this year – and looming sanctions over the deepening conflict in Ukraine are poised to wipe out even more of their fortunes.

The Biden administration on Tuesday released details of new U.S. sanctions imposed against Russia following Vladimir Putin's invasion of Ukraine

The banks largely worry about shocks to the market that would result from Russia cutting oil and gas exports in reaction to sanctions, which would impact the global market.

The Biden administration is continuing to prepare a "range of severe economic measures" to impose on Russia if it further attempts an invasion into Ukraine, with senior officials saying sanctions being considered would have "massive consequences" for Moscow's economy.

China announced Friday sanctions had been imposed on former commerce secretary Wilbur Ross and six other individuals and entities in retaliation for U.S. penalties against Chinese officials in Hong Kong.

Former Senator Joe Lieberman (I) provides insight into the possible dangers that can come from U.S.-Iran negotiations.