Joe Biden has announced he will enact the “first tranche” of sanctions on Russia in response to Vladimir Putin’s recognition of two self-proclaimed republics in east Ukraine and his decision to move troops into the region.
The president said the US would impose sanctions on Russian financial institutions, sovereign debt and the country’s elites and their family members.
"Today, in close coordination with our Allies and partners, I am announcing the first tranche of sanctions to impose costs on Russia in response to yesterday’s actions.
We will continue to escalate sanctions as Russia escalates.
We are implementing full blocking sanctions on two large Russian financial institutions — VEB and their military bank. And we are implementing comprehensive sanctions on Russian sovereign debt.
That means we’ve cut off the Russian government from western financing.
It can no longer raise money from the west — and cannot trade its new debt in our markets or European markets.
Starting tomorrow — and continuing in the days ahead — we will also be imposing sanctions on Russian elites and their family members.
They share in the corrupt gains of the Kremlin’s policies and should share in the pain as well.
Because of Russia’s actions, we’ve worked with Germany to ensure Nord Stream 2 will not move forward", - President of the United States Joe Biden.
Here’s how the day unfolded:
* Joe Biden said the world is witnessing “the beginning of a Russian invasion of Ukraine”, as Vladimir Putin ordered troops into east Ukraine. In his speech this afternoon, Biden argued that Putin’s recognition of the two self-proclaimed territories in Luhansk and Donetsk represented “a flagrant violation of international law”.
* Biden announced the first round of US sanctions against Russia in response to Putin’s military actions in 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.
* Biden is also deploying US forces and equipment to Estonia, Latvia and Lithuania to help fortify those countries’ defenses. “Let me be clear, these are totally defensive moves on our part. We have no intention of fighting Russia,” Biden said. “We want to send an unmistakable message though, that the United States – together with our allies – will defend every inch of Nato territory and abide by the commitments we made to Nato.”
* Some Republicans criticized Biden’s sanctions as an insufficient response to Russian aggression in Ukraine. “The sanctions outlined are woefully inadequate to deter Putin’s efforts to redraw the European map and dismember a neighboring democracy,” said Republican Senator Lindsey Graham. “I will continue to try to work with the Biden administration and Senate Democrats to create crippling sanctions for Putin’s invasion.”
* 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 this afternoon. “I’m hoping diplomacy is still available.”
Source: The Guardian
