WASHINGTON ( Web News )
President Joe Biden announced an expansive sanctions package against Russian banks and elites Tuesday, as the West responds to Russian President Vladimir Putin’s recognition of two separatist states in eastern Ukraine and decision to send troops to the region, moves Biden called a “beginning of a Russian invasion of Ukraine.”
U.S. President Joe Biden speaks on developments in Ukraine and Russia, and announces sanctions … [+]
Biden said the measures mark the “first tranche” of U.S. sanctions against Russia during Tuesday afternoon remarks, and warned more sanctions will follow should Putin launch a wider invasion of Ukraine.
The sanctions include the “full blocking” of two Russian banks, including the large financial institution VEB, and preventing Russia from accessing Western financial capital and markets for its sovereign debt.
The U.S. will also implement penalties against “Russian elites and their family members” beginning Wednesday, though Biden didn’t share who will be sanctioned or what the penalties will be.
Biden’s sanction package follows similar sanctions announcements from the European Union and United Kingdom earlier Tuesday.