U.S. imposes sanctions on Russian banks, sovereign debt and elites after Ukraine invasion
President Joe Biden said more sanctions will be imposed if Russia widens the invasion of its neighbor.
President Joe Biden announced a raft of new sanctions against Russia he said would cut off its government from Western financing and punish elites who benefit from the Kremlin’s corrupt policies, after President Vladimir Putin ordered troops to move into the breakaway Luhansk and Donetsk regions of eastern Ukraine.
“These have been closely coordinated with our allies and partners, and we’ll continue to escalate sanctions if Russia escalates,” Biden said in remarks from the White House Tuesday afternoon, calling Putin’s moves “the beginning of a Russian invasion of Ukraine.”
The latest package would issue sanctions on two major Russian banks and on the country’s sovereign debt, meaning it can no longer raise money from the West and trade new debt on U.S. or European markets, the president said. Starting tomorrow, the U.S. will also impose sanctions on Russian elites and their family members, he added.
Biden called the moves “the first tranche” of punitive measures the U.S. is prepared to take, and he said they would go far beyond the steps the U.S. and its allies took in response to Russia’s invasion of Crimea in 2014.
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President Biden announced new sanctions against Russia that he said would cut off its government from Western financing and punish those who benefit from the Kremlin’s policies https://t.co/FjxxEVp3zU
— POLITICO (@politico) February 22, 2022
Sanctions may or may not work. They did nothing to deter North Korea.
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