The Biden administration has been clear that the United States desires a relationship with Russia that is stable and predictable. We do not think that we need to continue on a negative trajectory. However, we have also been clear—publicly and privately—that we will defend our national interests and impose costs for Russian Government actions that seek to harm us.

Today the Biden administration is taking actions to impose costs on Russia for actions by its government and intelligence services against U.S. sovereignty and interests.

Executive Order Targeting the Harmful Foreign Activities of the Russian Government
Today, President Biden signed a new sanctions executive order that provides strengthened authorities to demonstrate the Administration’s resolve in responding to and deterring the full scope of Russia’s harmful foreign activities. This E.O. sends a signal that the United States will impose costs in a strategic and economically impactful manner on Russia if it continues or escalates its destabilizing international actions. This includes, in particular, efforts to undermine the conduct of free and fair democratic elections and democratic institutions in the United States and its allies and partners; engage in and facilitate malicious cyber activities against the United States and its allies and partners; foster and use transnational corruption to influence foreign governments; pursue extraterritorial activities targeting dissidents or journalists; undermine security in countries and regions important to United States national security; and violate well-established principles of international law, including respect for the territorial integrity of states.  

The U.S. Department of the Treasury (Treasury) carried out the following actions pursuant to the new E.O.:

• Treasury issued a directive that prohibits U.S. financial institutions from participation in the primary market for ruble or non-ruble denominated bonds issued after June 14, 2021 by the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, or the Ministry of Finance of the Russian Federation; and lending ruble or non-ruble denominated funds to the Central…