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US to impose sanctions on foreign banks that help Russia US President Joe Biden has signed an executive order that allows sanctions on foreign banks that are, according to the US, "supporting Russia's unlawful war effort". Washington says the move will target small institutions that have helped Moscow circumvent Western sanctions and source critical goods and equipment for its war in Ukraine. Meanwhile, the US is also banning imports of products that originated in Russia but were transformed outside of the country, including diamonds and seafood.