President Joe Biden announced Tuesday a “first tranche of sanctions” against Russia after Russian President Vladimir Putin recognized and deployed troops into two separatist-controlled Ukrainian territories.
Biden condemned Putin’s actions against Ukraine and declared it “the beginning of a Russian invasion of Ukraine.” This first round of sanctions includes the “full blocking” on two Russian banks and “comprehensive sanctions” on Russian debt, the president said.
“These have been closely coordinated with our allies and partners and we’ll continue to escalate sanctions if Russia escalates,” according to Biden. “We’re implementing full blocking sanctions on two large Russian financial institutions – VEB and their military bank. We’re implementing comprehensive sanctions on Russia’s sovereign debt. That means we’ve cut off Russia’s government from Western financing.”
“It can no longer raise money from the West and cannot trade in its new debt on our markets or European markets either,” Biden continued. “Starting tomorrow, and continuing in the days ahead, we’ll also impose sanctions on Russia’s elites and their family members. They share in the corrupt gains of the Kremlin policies and should share in the pain as well.”
Biden said Russia’s decision to recognize the two separatist-controlled Ukrainian territories essentially “announced it is carving out a big chunk of Ukraine.”
Biden also mentioned the Nord Stream 2 pipeline, which was suspended by Germany earlier Tuesday. The president said his administration had “worked with” Germany regarding Nord Stream 2 and promised that “Russia will pay a steeper price if it continues its aggression.”
While Biden declared that a Russian invasion had begun, he did not comment on why the administration has not issued the full “swift and severe” sanctions promised earlier in the year. Instead, the president said he plans to continue imposing sanctions depending on Russia’s actions.
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