Countries have imposed economic sanctions against Russia following President Vladimir Putin’s move to recognize the Ukrainian regions of Donetsk and Luhansk as independent states. US President Joe Biden has imposed a new set of sanctions following the initial penalties that were imposed.
Biden announced a new package of sanctions against Russia this week and warned that Putin’s move to recognize Donetsk and Luhansk as independent states was the beginning of an invasion by Russia. The US leader condemned the move that included the deployment of Russian troops in the two regions to serve as “peacekeepers.”
“If Russia goes further with this invasion, we stand prepared to go further as with sanctions,” said Biden Tuesday.
“Who in the Lord’s name does Putin think gives him the right to declare new so-called countries on territory that belongs to his neighbors? This is a flagrant violation of international law and demands a firm response from the international community,” Biden added.
The US leader explained that the new sanctions would target Russia’s sovereign debt and two major Russian financial institutions that also include the military bank. Biden said that these new sanctions would cut off Russia from Western financing and can no longer raise money from the West nor trade its debt in US and European markets.
Washington’s initial sanctions came shortly after Putin signed agreements that would recognize the two Ukrainian regions as independent states. The initial sanctions targeted trade in the two regions. This time, the sanctions would target Russia, with Biden noting that Russian oligarchs and their families will also be affected by the penalties.
“We’ll also impose sanctions on Russia’s elites and their family members. They share the corrupt gains of the Kremlin policies and should share in the pain as well,” said the US leader.
The conflict in the region further escalated when Putin ordered to carry out a “military operation” in Ukraine, which Biden sharply condemned following the incidents that have been occurring. Explosions were reportedly heard taking place in Kyiv and Kharkiv.
Biden called the attacks “unprovoked” and “unjustified.” The US leader stressed that Russia bears sole responsibility for escalating tensions in the region and invading the sovereign state.