May 6, 2014
WASHINGTON (AP) ‚ÄĒ As the United States attempts to punish Russia for its actions in Ukraine, the Treasury Department is deploying an economic weapon that could prove more costly than sanctions: the Internal Revenue Service.
This summer, the U.S. plans to start using a new law that will make it more expensive for Russian banks to do business in America.
“It’s a huge deal,” says Mark E. Matthews, a former IRS deputy commissioner. “It would throw enormous uncertainty into the Russian banking community.”
This article was posted: Tuesday, May 6, 2014 at 3:53 am