The sanctions against Russia that President Joe Biden announced on Thursday in response to its invasion of Ukraine could make it significantly harder for the country’s citizens to invest in New York real estate, even as it remains extremely unclear and difficult to tell how much of that Russians have been doing in recent years.
The new sanctions will target more than $1 trillion in assets in Russia by blocking four major banks from accessing their assets in America, Biden said. The sanctioned institutions include VTB, the second largest Russian bank, which has more than $250 billion in assets, he said.
“We will limit Russia’s ability to do
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