Global banks are bracing for the ripple effects of harsh new financial and economic sanctions against Russia intended to hobble its economy and restrict its access to foreign capital.On Tuesday, President Biden announced that the United States would impose sanctions on Russia’s main development bank, VEB, and its military bank, Promsvyazbank, and enact comprehensive curbs on Russia’s sovereign debt, effectively cutting the country off from Western financing. He said the United States was also preparing to impose sanctions on Russian elites and their family members.The sanctions will sever the state-backed banks from the United States financial system and make it tougher for Russia to raise money in foreign markets for large domestic infrastructure projects, most likely hampering growth. T …
