This adds to already existing US sanctions on Vnesheconombank (VEB Bank), a development bank, and Promsvyazban, which were announced on Feb. 22.

The UK also said today it plans to freeze assets on major Russian banks including VTB, but didn’t mention Sberbank. The EU hasn’t yet announced sanctions on Russia’s bigger banks.

The US won’t sanction SWIFT for now

Despite growing calls from some international allies to cut off Russia’s access to SWIFT, a global payments system, the new US sanctions won’t do so for now.

“It is always an option, but right now that’s not the position that the rest of Europe wishes to take,” Biden said.

EU member states have been hesitant to cut off Russia from SWIFT because they fear European creditors would struggle to recover their money. More than 11,000 financial institutions across the world use SWIFT, and European banks have the most exposure to Russia.

“The sanctions we imposed exceed SWIFT. The sanctions we imposed exceed anything that’s ever been done,” Biden said.

Nate DiCamillo contributed reporting.

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