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Ukraine war

New sanctions bite Russia but stop short of 'nuclear' option SWIFT ban

80% of assets in banking sector targeted by Western and Japanese restrictions

St. Basil's Cathedral, left, and the Spasskaya Tower of the Kremlin, as seen through a gate in central Moscow.   © Reuters

TOKYO/WASHINGTON -- The U.S., Europe and Japan responded to the invasion of Ukraine with sanctions that target roughly 80% of assets in Russia's banking sector while leaving the option of freezing the country out of a key network for international payments.

The measures come alongside bans by a number of countries on exports of high-tech and dual-use goods. The sweeping U.S. restrictions cover products made with American technology, similar to Washington's 2020 actions against China's Huawei Technologies.

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