This Week In The Economy: New Sanctions on Russia Financial Infrastructure, Fed Continues To Preach Patience on Rate Cuts, Existing Home Sales Rebound But Activity Still Weak

Welcome to a regular snapshot review of U.S. and international economic news that aims to 1) provide a window into the challenges and decisions facing businesses today, 2) determine the direction of economic policy — such as the speed at which central banks decide to raise interest rates, and 3) assess what the impact will be for consumers.

U.S. Government Unveils Additional Sanctions on Russia

The Biden administration this week announced more punitive actions against Russia, and those aiding its brutal invasion of Ukraine, targeting individuals as well as its financial infrastructure.

Sparked by the killing of Russian dissident Aleksey Navalny, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning almost 300 individuals and entities.