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AP National

Biden set to sign executive order aimed at financial facilitators of Russian defense industry

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Published 5:30 AM

By FATIMA HUSSEIN and AAMER MADHANI
Associated Press

WASHINGTON (AP) — President Joe Biden is set to sign a new executive order aimed at targeting financial facilitators of the Russian defense industry. The order to be signed later on Friday comes as the Kremlin is trying to restock the Russian military’s depleted arsenal after nearly 22 months of fighting in Ukraine. Russia has already lost over 13,000 pieces of equipment — including tanks, drones and missile systems. Russia is on track to devote a record amount to military spending next year. Treasury Secretary Janet Yellen said the U.S. expects financial institutions to ensure that they “are not witting or unwitting facilitators” of the Russian military.

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