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Biden puts sanctions on Russian banks and elites over Ukraine invasion

US President Joe Biden said on Tuesday the United States was imposing a first tranche of sanctions against Russia for launching an invasion of Ukraine and promised that more would come if there are further incursions.
Biden, speaking to reporters at the White House, said the United States would impose sanctions against two large Russian financial institutions and Russian sovereign debt. Sanctions were imposed against Russian elites and their family members as well, administration officials said, Reuters reported.
Russia’s President Vladimir Putin on Monday told Russia’s defense ministry to deploy what he called peacekeeping forces into two breakaway regions of Ukraine after recognizing them as independent, raising fears of imminent war in Europe.
“This is the beginning of a Russian invasion of Ukraine,” Biden said. “Russia has now undeniably moved against Ukraine by declaring these independent states.”
The United States had promised severe sanctions against Russia if it invaded Ukraine, which the White House previously defined as any movement of troops across the border, Reuters reported.
The United States deployed its most powerful sanctioning tool, placing Russian elites and two banks on the Specially Designated Nationals list, effectively kicking them out of the U.S. banking system, banning them from trading with Americans, and freezing their U.S. assets.
Biden said the sanctions in the initial tranche applied to VEB bank and Russia’s military bank – Promsvyazbank, which does defense deals. He said the sanctions against Russia’s sovereign debt meant the Russian government would be cut off from Western financing.
“As Russia contemplates its next move, we have our next move prepared as well,” Biden said. “Russia will pay an even steeper price if it continues its aggression, including additional sanctions.”
Biden said the United States would continue to provide “defensive assistance” to Ukraine but had no intention of fighting Russia. He said he authorized additional movements of U.S. forces already stationed in Europe to strengthen Baltic allies Estonia, Latvia and Lithuania, Reuters reported.
On Monday a senior administration official said Russia sending troops to the breakaway regions of Donetsk and Luhansk in Ukraine did not represent a further invasion because Russia had troops there previously. But on Tuesday, White House officials changed their language to say an invasion had begun.The post Biden puts sanctions on Russian banks and elites over Ukraine invasion first appeared on Ariana News.

Source: Ariana News

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