US takes aim at financial institutions with new Russia sanctions authority

US president Biden to sign executive order allowing sanctions on financial institutions aiding Russia's evasion; order also bans products from Russia processed in third countries, including seafood and diamonds; Treasury Secretary Yellen states that the new tools will be used against Russia's war machine; senior officials warn financial institutions to stop supplying Russian defense sector or face sanctions; US, EU, and UK have imposed sanctions on Russia since the Ukraine invasion; new order targets networks and front companies that aid in sanctions evasion; provisions take effect immediately after signing.