The Biden administration is planning to crack down on banks and financial services firms that are helping Russia evade strict sanctions on access to military technology and equipment, according to senior administration officials. The United States and Europe have imposed strict sanctions on Russia over the past two years. However, an illicit network of traders and smugglers has been helping Russia gain access to banned products that it needs to restock its military arsenal. Finding new ways to constrain Russia’s ability to restock its military supplies is increasingly important as Western aid to Ukraine is drying up.

Read more: https://www.nytimes.com/2023/12/22/business/us-russia-ukraine-sanctions.html