Joe Biden launched a salvo of sanctions against Russia as he accused Vladimir Putin of beginning an “invasion” of Ukraine, and warned that Washington was prepared to take further action if Moscow escalates its assault on Ukrainian territory.
Speaking from the White House on Tuesday, Biden announced measures targeting two of Russia’s largest financial institutions, VEB and Promsvyazbank, which support economic development and defence projects, as well as the country’s elites and their family members.
Sanctions would also be aimed at Russia’s sovereign debt. “We’ve cut off Russia’s government from western financing,” Biden said. “It can no longer raise money from the west and cannot trade in its new debt on our markets or European markets either.”