U.S. President Joe Biden has announced sanctions against Russia and called President Vladimir Putin’s moves in eastern Ukraine an attempt to begin a Russian invasion.
The sanctions came after President Vladimir Putin recognised the independence of breakaway regions Donetsk and Luhansk and ordered Russian troops to be sent there.
Speaking to the reporters at the White House, Biden said that they are implementing comprehensive sanctions on Russia’s sovereign debt.
This means that they have cut off Russia’s government from Western financing. As a result, it can no longer raise money from the West and can not trade in its new debt in American or European markets.
“Who in the Lord’s name does Putin think gives him the right to declare new so-called countries on territory that belongs to his neighbours?” Biden asserted from the White House podium.
Biden further announced that they would also impose sanctions on Russia’s elites, such as Sergei Kiriyenko, a former prime minister of Russia. And also sanction their family members as they have a share in the Kremlin policies illegitimate gains and should share in the pain.
Biden also declared that Germany would not continue the Nord Stream 2 project, a pipeline transporting natural gases between Germany and Russia.
Joe Biden also signed an Executive Order prohibiting all new investment, trade, and financing by U.S. persons to, from, or in Donetsk and Luhansk.
In addition, the U.S. strongly condemned Putin’s decision to recognise the so-called Donetsk and Luhansk People’s Republics as independents.
Washington also slapped sanctions on VEB and Promsvyazbank Public Joint Stock Company, as well as 42 of their subsidiaries, saying that the two state-owned banks have played significant roles to prop up Russia’s defence capability and its economy.
U.S. Ambassador to UN Linda Thomas-Greenfield supported Ukraine’s call for an Urgent Meeting of the U.N. Security Council.
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