US President Joe Biden announced “the first tranche” of sanctions he is taking against Russia on Tuesday, in response to Vladimir Putin ordering troops into two rebel-held regions in eastern Ukraine.
This includes sanctions against Russian elites and their family members, as well as two Russian banks.
Mr Biden said the two banks being targeted were Russia’s VEB bank and the country’s military bank, Promsvyazbank, which handles defence deals.
The sanctions are also being imposed against Russia’s sovereign debt, with Mr Biden telling reporters: “We have cut off Russia’s government from Western financing. It can no longer raise money from the West.”
He also said the US was deploying around 800 additional troops and equipment into the Baltic region to bolster the states.
Speaking from the White House on Tuesday evening, Mr Biden started the news conference by saying that the Russian leader had “bizarrely claimed” two regions he recognised as independent states are no longer part of Ukraine.
He said the latest developments are “the beginning of a Russian invasion of Ukraine” and a “flagrant violation of international law” which required a firm response.
The US leader also warned Moscow that it would “pay an even steeper price if it continues its aggression”
Speaking from Washington, the President said he had been in “constant contact” with European leaders on how to respond “in unison” to any threat from Russia.
“Yesterday the world heard clearly the full extent of Vladimir Putin’s twisted rewrite of history,” he said.
“Nothing in Putin’s remarks indicate any interest in pursuing real dialogue in European security in the year 2022. He directly attacked Ukraine’s right to exist.”
However, Mr Biden added that there was still a chance to “avert the worst-case scenario” which would “bring untold suffering to millions of people”.
“The United States and our allies remain open to diplomacy, if it is serious,” Mr Biden said. “But when all is said and done, we’re going to judge Russia by its actions, not its words, and whatever Russia does next we’re ready to respond with unity, clarity and conviction.”
The sanctions are in response to the Kremlin recognsing the independence of two Russian-backed rebel regions in eastern Ukraine on Monday.
Following Mr Biden’s address US Secretary of State Anthony Blinken told a news conference that the “US will not allow Russia to claim the pretence of diplomacy”.
He repeated Mr Biden’s message that there will be “swift and severe consequences” to Russia’s actions with a unified response from both the US and its Western allies.
Mr Blinken also said that Vladimir Putin’s “disturbing” speech yesterday and other statements made today are sending a message that he thinks Ukraine as a “subordinate” of Russia.
“Now we know that Putin’s plan all along has been to invade Ukraine,” he said.
US sanctions follow those imposed by both the UK and EU on Tuesday.
Prime Minister Boris Johnson announced the UK is sanctioning five Russian private banks and three oligarchs, freezing their UK assets and handing out travel bans,
Mr Johnson told MPs the steps were the “first barrage” of measures in response to Russian troops moving into the Donetsk and Luhansk regions in eastern Ukraine.
Meanwhile EU members unanimously agreed upon a package of new sanctions against Russia that aims to inflict severe damage on the country, the EU foreign policy chief said on Tuesday.
Canada followed suit by announcing its first round of economic sanctions on Russia on Tuesday night.
In a statement, Prime Minister Justin Trudeau said he would ban Canadians with all financial dealings with the self-declared independent states of Donetsk and Luhansk and also ban its residents from engaging in purchases of Russian sovereign debt.
