“Russia will pay an even higher price if it continues its aggression, including additional sanctions,” Biden said from the White House.
He stated that by recognizing the DPR and LPR, Russian President Vladimir Putin creates a justification for seizing more territory. “If you listened to him speak yesterday, he makes the case for going much further. This is the beginning of Russia’s invasion of Ukraine,” Joe Biden said.
“We are united in our support for Ukraine. We are united in opposing Russia’s aggression,” he noted.
“We will impose sanctions against Russian elites and family members,” the US President said. “We are introducing blocking sanctions against two large Russian banks – VEB and their military bank,” Biden said, without specifying which financial institution was being referred to in the second case.
“We are cutting off the Russian state from Western funding. It will no longer be able to borrow money in the West and trade its debt in our markets or the markets of Europe,” said the US President.
Restrictive measures come into force on Tuesday, and sanctions against “Russian elites” will begin to take effect on Wednesday.
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