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Biden hits Russia with more sanctions

Biden and Putin

US President Jòe Biden and Russian President Vladimir Putin

US President Joe Biden has slammed Russia with more sanctions as Vladimir Putin invaded Ukraine, firing missiles into Kyiv.

Biden, in an address at the White House on Thursday announced more sanctions for Russia.

One of the sanctions is to limit Russia’s ability to do business in dollars, euros, pounds and yen to be part of the global economy.

Another sanction is to stop the ability of Russia to finance and grow the Russian military and also impair their ability to compete in high-tech 21st century economy.

The US also sanctioned Russian banks that together hold around $1 trillion in assets.

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According to Biden, “we’re also blocking four more major banks. That means every asset they have in America will be frozen.

“It’s going to take time and we have to show resolve, so he knows what is coming. So the people of Russia know what he’s brought on them. That’s what this is all about. This is going to take time.”

He added that the sanctions would impose severe cost on the Russian economy, both immediately and over time.

“We have purposefully designed these sanctions to maximize a long-term impact on Russia and to minimize the impact on the United States and our allies,” Biden stated.

 

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