US President Joe Biden announced that the US will impose economic sanctions on Russia in response At the entrance of the Russian army to Donbass, Ukraine. Biden said the sanctions would target Russia’s public debt, two of the country’s major financial institutions, and some families belonging to Russia’s ruling class. “This means that we have cut off the Russian government from Western funding,” Biden said. “He will no longer be able to get money from the West or finance new debt in our financial markets or in European markets.”
Watch the live stream as I give an update on Russia and Ukraine. https://t.co/3RmJlgWTVF
– President Biden (POTUS) February 22 2022
Biden’s decision came shortly after that of the European Union, which will impose sanctions on Russia for the same reasons against financial institutions, politicians and entities that funded the Russian military. Both Biden and European Commission President Ursula von der Leyen hinted that those approved on Tuesday are only the first tranche of sanctions, and that if the situation on the Russian-Ukrainian border worsens, others will follow.
Biden also said that the recognition of the Donbass republics (Donetsk and Luhansk) and the army’s entry into those regions is a “flagrant violation of international law”, but stressed that the sanctions are a “defensive step.” And that he does not intend to confront Russia militarily. “But we want to send an unmistakable message,” Biden added. The United States and its allies will defend every inch of NATO territory.”
– Read also: The European Union announced targeted sanctions against Russia
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