US to unleash IRS on Russian banks

The United States is deploying an economic weapon against Russia that could prove to be more costly than sanctions: the Internal Revenue Service.

As the U.S. attempts to punish Russia for its actions in Ukraine, the Treasury Department plans to start using a new tax law to make it more expensive for Russian banks to do business in the U.S. Congress passed the law in 2010 to curb tax evasion through the use of overseas accounts.