'The measures that were announced by the United States, the European Union and the United Kingdom will put Russia's 'fortress economy' to the test' | Analysis by Charles Riley
Since 2014, when the United States and its Western allies imposed sanctions on Moscow following the annexation of Crimea and the downing of Malaysian Airlines Flight 17, Russia's president has been trying to build an economy capable of withstanding much tougher penalties. The West this week kept some of its sanctions firepower in reserve after Russian troops invaded Ukraine.
Taking on the 'fortress'Less than 24 hours after Russian troops attacked Ukraine from the north, south and east, US President Joe Biden unveiled sweeping sanctions designed to damage Russia's economy and turn Putin into an international"pariah." The US penalties target Russia's two largest financial institutions, Sberbank and VTB, and prevent them from processing payments through the US financial system.
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