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President Joe Biden has signed an executive order expanding the US's ability to impose sanctions against Russia.

The idea is to further isolate Moscow from the global economy by applying sanctions to foreign financial institutions that help Russia's military and defence sectors.

Those banks then won't be allowed access to the US financial system.

(Picture: US President Joe Biden speaks on his economic policies at the Wisconsin Black Chamber of Commerce in Milwaukee, Wisconsin, on December 20, 2023. Picture Credit: Getty Images).