Media: US sanctions plan against Russia includes banks and public debt, but not SWIFT

The sanctions also include export controls in key sectors.

The US sanctions plan against Russia in case of a further invasion of Ukraine includes several of Russia's largest banks, sanctions on the country's public debt and export controls in key sectors. 

However, sanctions on oil and gas exports or disconnecting Russia from SWIFT are not currently being discussed, report Politico and Yevropeiska Pravda citing The Wall Street Journal. 

"Potential targets include several of Russia's largest state-owned banks, such as VTB Bank, a ban on any trading in new issues of Russian government debt, and the application of export controls in key sectors, such as advanced microelectronics," the message said. 

An administration representative told the publication that the sanctions would significantly exceed other actions taken against Russia in recent years. One official said: "We will start high and stay high, and we will maximize the pain for the Kremlin." 

Companies likely to be affected by the sanctions include the state-backed VTB Bank, Gazprombank and Sberbank, the last of which holds 30% of net assets in Russia's financial system. The publication writes that Sberbank may not be affected in the first round of sanctions. 

It is noted that the US is also considering banning trade related to Russian sovereign debt and controlling exports of various goods to the country, including microelectronics. 

The official said: "If we are going to change Putin's calculations, we must be prepared to impose serious penalties together." He promised that any sanctions would "deliver a serious and immediate blow to Russia and over time make its economy even more fragile."