President Joe Biden announced a slew of new sanctions and restrictions against Russia on Thursday in the wake of Vladimir Putin’s invasion of Ukraine.

The Details: Biden announced that sanctions would target Russian banks which together control 1 trillion dollars in assets. Biden also said that the U.S. would be imposing sanctions on individual Russians with ties to the Kremlin.

The sanctions will in effect cut off all major Russian banks from accessing the U.S. financial system.

However, in spite of the brazen aggression displayed by Russia, Biden has so far not moved to remove it from the SWIFT international banking system.

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