By Yasin Ebrahim
Investing.com — U.S. President Joe Biden said the U.S. would unleash the first tranche of sanctions on Russia and individuals after President Vladimir Putin moved to carve out a bigger chuck of Eastern Ukraine.
“I’m announcing the first tranche of sanctions to impose costs on Russia and respond to their actions yesterday,” Biden said.
Russian President Vladimir Putin confirmed that Russia had recognized the expanded borders of Luhansk and Donetsk after initially indicating that Moscow would recognize only the two separatist-held areas in Eastern Ukraine. This has stoked fears that Putin plans to launch a further invasion of Ukraine.
“We’re implementing full blocking sanctions to large Russian financial institutions, VEB, and their military bank,” Biden said. These sanctions, which would start on Wednesday and continue in the days ahead, would cut off Russia’s government from Western financing.
“Russia can no longer raise money from the West and cannot trade in its new debt on our markets or European markets ,” the president said, adding that individuals in Russia, who benefit from Moscow’s actions, would also face sanctions.
“We will also impose sanctions on Russia’s elites and their family members [who] share the corrupt gains of the Kremlin policies and have to share in the pain as well,” Biden said. “Because of Russia’s actions, we work with Germany to ensure Nord Stream 2 will not move forward.”
If Russia chooses to expand its invasion, the U.S. and its allies are prepared to implement additional sanctions.
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.