US President announces sanctions on Russia, ‘world witnessing beginning of Russian invasion of Ukraine’
The sanctions will target Russia’s financial institutions, sovereign debt and elite families. “And if Russia goes further with this invasion, we stand prepared to go further as with sanctions,” Biden said.
FollowUS President Joe Biden has announced new sanctions against Russia in response to Putin’s military actions in Ukraine, calling Moscow’s recognition of two breakaway regions in eastern Ukraine as independent the “beginning of a Russian invasion” of its neighbour.
In a brief speech on Tuesday, Biden condemned his Russian counterpart Vladimir Putin’s decision to recognise the independence of Luhansk and Donetsk and to authorise the deployment of Russian troops to “maintain peace” in the regions.
The sanctions will target Russia’s financial institutions, sovereign debt and elite families. “And if Russia goes further with this invasion, we stand prepared to go further as with sanctions,” Biden said.
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In an address to the nation on Russia's actions against Ukraine, Biden said, "We're imposing sanctions on 2 Russian financial institutions. Russia can no longer raise money from the West or no longer trade in Western markets. From tomorrow we'll also impose sanctions on Russian elites and their families."
The US’s announcement of sanctions comes after Germany and Britain moved sanctions on Russia earlier in the day. The European Union has also imposed sanctions on several Russian officials as well as banks financing the Russian armed forces.
On Monday, Putin recognised the self-proclaimed Donetsk People’s Republic (DPR) and Luhansk People’s Republic (LPR) – areas that have seen fighting between Moscow-backed separatists and the Ukrainian government since 2014.
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Moscow then signed agreements with the territories that would allow it to establish a military presence in eastern Ukraine.
Meanwhile, Russian lawmakers granted Putin permission to use force outside the country, which could clear the way for a broader attack on Ukraine. “Whatever Russia does next, we’re ready to respond with unity, clarity and conviction,” Biden said. “I’m hoping diplomacy is still available.”
Kyiv recalled its top diplomat from Moscow as President Volodymyr Zelensky warned Putin's recognition of the breakaway regions heralded "further military aggression" against Ukraine.
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