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Russia sanctions hit hard in London

Vladimir Putin on the right, looking forward, before a red background.
Vladimir Putin. Photo: Mikhail Svetlov/Getty Images

The latest U.S. sanctions on Russian oligarchs and companies have big implications in London, which has long been a playground of the Russian elite.

What's happening: The U.S. is warning U.K. banks that if they want to continue working with American financial institutions, they will have to cut off their links with Russian billionaires and companies sanctioned last week.