President Biden on Friday is expected to sign an executive order expanding sanctions targeting Russia’s ability to build up its military. The new authority would threaten foreign banks connected to the U.S. financial system with penalties for transacting with Moscow. The executive order (EO) warns foreign banks against processing “significant transactions relating to Russia’s military industrial base,” saying that doing so would risk losing access to the American financial system. “The message we're going to send clearly to people is that you either do the due diligence that you need to, or you put at risk your ability to have access to our system,” a senior administration off
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