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{{See also|Russian sanctions}}

{{See also|Russian sanctions}}

The United States responded to the Russian intervention in [[Ukraine]] by using its control over the international banking system to slap sanctions on [[Moscow]]’s financial assets around the world, including freezing billions of dollars in banks in [[New York]]. By one estimate, $1 trillion in Russian assets were frozen and Russian banks were also denied access to the [[SWIFT]] global messaging service that connects financial institutions and facilitates rapid and secure payments.<ref>[https://www.cnn.com/2022/03/01/business/russia-economy-sanctions/index.html# The West’s $1 trillion bid to collapse Russia’s economy], Analysis by Charles Riley, [[CNN]] Business, March 1, 2022.</ref> [[Washington, D.C.|Washington]] subsequently announced that the frozen money would not be returned and would be instead used for Ukraine's reconstruction. That set off warning lights all around the world, though there had already been similar behavior on the part of the US in relation to Iranian and [[Venezuela]]n assets.  There is particular resentment throughout much of the developing world of US attempts to use primary and secondary sanctions to coerce countries that are disinclined to do so into supporting the [[NATO]] war effort in Ukraine.

The United States responded to the Russian intervention in [[Ukraine]] by using its control over the international banking system to slap sanctions on [[Moscow]]’s financial assets around the world, including freezing billions of dollars in banks in [[New York]]. By one estimate, $1 trillion in Russian assets were frozen and Russian banks were also denied access to the [[SWIFT]] global messaging service that connects financial institutions and facilitates rapid and secure payments.<ref>[https://www.cnn.com/2022/03/01/business/russia-economy-sanctions/index.html# The West’s $1 trillion bid to collapse Russia’s economy], Analysis by Charles Riley, [[CNN]] Business, March 1, 2022.</ref> [[Washington, D.C.|Washington]] subsequently announced that the frozen money would not be returned and would be instead used for Ukraine's reconstruction. That set off warning lights all around the world, though there had already been similar behavior on the part of the US in relation to Iranian and [[Venezuela]]n assets.  There is particular resentment throughout much of the developing world of US attempts to use primary and secondary sanctions to coerce countries that are disinclined to do so into supporting the [[NATO]] war effort in Ukraine.

==See also==

==See also==