Letter to Hon. Joseph Biden, President of the United States - Sen. Cramer, Colleagues Demand Russian Companies be Banned from U.S. Capital Markets

Letter

U.S. Senator Kevin Cramer (R-ND), member of the Senate Banking Committee, joined Senators Tommy Tuberville (R-AL), Jim Risch (R-ID), John Cornyn (R-TX), Rick Scott (R-FL), and Mike Braun (R-IN) in calling on President Biden to ban Russian companies from the United States financial system to ensure American investors are not invertedly providing capital to fund Russia's war against Ukraine. The Senate Republicans, representing the Senate Armed Services, Finance, and Foreign Relations Committees, also asked for secondary sanctions to block China or other adversaries from helping Russia skirt the requested sanctions on the U.S financial system.

"While we commend the actions being taken to remove Russian companies from U.S. markets, more must be done to ensure U.S. investors are not supporting Russian companies that currently enjoy access to U.S. capital markets," wrote the senators.

"To pressure Russia to reverse course and end its occupation of Ukraine, all appropriate economic tools must be brought to bear," concluded the senators.