Senate Committee Approves Bill Aimed at Foreign Banks Working with Russia

By Kira Zalan

The U.S. Senate Foreign Relations Committee Thursday unanimously approved a bill that would clear the way for sanctions against foreign banks that transact on behalf of Russia's defense and energy businesses. The Ukraine Freedom Support Act of 2014 would require President Obama to blacklist at least six Russian defense and energy firms and bar significant U.S. investments in Gazprom. The bill would mandate additional sanctions against the energy company should it withhold natural gas from NATO member-states or major non-NATO allies Ukraine, Moldova and Georgia. The legislation would also authorize the president to prohibit American banks from maintaining correspondent and...