U.S. May Block More Russian Banks If Ukraine Cease-Fire Falters

The U.S. government is considering whether to shut one or more Russian banks out of the world financial system if rebels backed by Russia continue to violate the cease-fire in Ukraine, two administration officials said.

Putting a Russian bank on the U.S. Treasury’s “specially designated national” list would be a major escalation of the economic pressure the U.S. is exerting on Russia to stop supporting the separatist rebels who’ve seized parts of eastern Ukraine. The action would bar U.S. citizens, residents and companies from dealing with the sanctioned banks and allow the U.S government to freeze any assets in American jurisdiction.