Financial sanctions on Russia were introduced following the annexation of Crimea in 2014 and the wider invasion of Ukraine in 2022. They include bans on exporting weapons technology, facilitating the illegal trade of Russian oil and generally assisting President Vladimir Putin's government.

The Treasury Department on Wednesday announced sanctions connected with Russian secret payment channels created to skirt U.S. restrictions and a Kyrgyzstan financial institution that supports the Krem

The United States on Wednesday took fresh action targeting Russia over its invasion of Ukraine, taking aim at efforts to circumvent U.S. sanctions as Washington continues to increase pressure on Moscow in the final days of the Biden administration.

Scott Bessent, tapped by Donald Trump to be treasury secretary, faced sharp questions from Democrats and Republicans on tax policy, tariffs, China, Russia sanctions and the IRS.

President-elect Donald Trump's pick for Treasury secretary, Scott Bessent, said on Thursday that the dollar should remain the world's reserve currency, the Federal Reserve should stay independent and that he is ready to impose tougher sanctions on Russia's oil sector.

President-elect Donald Trump's Treasury secretary nominee Scott Bessent favors imposing tariffs on China, sanctions on Russia and making 2017 tax cuts permanent.