US, allies impose sanctions on Russia as Biden condemns invasion of Ukraine
US President Biden on Tuesday announced new sanctions against Russia as a result of President Vladimir Putin‘s latest actions concerning Ukraine.
In response to Russia declaring the two rebel regions of Ukraine as independent states, US President Joe Biden has imposed tough new sanctions on Moscow in the wake of what he called “the beginning of a Russian invasion” of Kiev.
Biden however, reiterated that the sanctions were “totally defensive moves on our part. We have no intention of fighting Russia.”
Biden said the sanctions, closely coordinated with allies and partners, will target two large banks in Russia and its sovereign debt.
“That means we cut off Russia’s government from western financing,” the president said.
Addressing reporters in the White House on Tuesday, Biden said the first tranche of sanctions to impose costs on Russia are “far beyond the steps we and our allies and partners implemented in 2014.”
He added, “If Russia goes further with this invasion, we stand prepared to go further as – with sanction…These (sanctions) have been closely coordinated with our allies and partners, and we’ll continue to escalate sanctions if Russia escalates.”
Russia “can no longer raise money from the West and cannot trade in its new debt on our markets or European markets either”, the President said.
Biden said that his administration “Will also impose sanctions on Russia’s elites and their family members. They share in the corrupt gains of the Kremlin policies and should share in the pain as well”.
“And because of Russia’s actions, we’ve worked with Germany to ensure Nord Stream 2 will not – as I promised – will not move forward,” he noted.
In response to Russia’s stance on not withdrawing its forces from Belarus, Biden also authorized additional movements of American forces and equipment already stationed in Europe.
We want to send an unmistakable message, though, that the US, together with our allies, will defend every inch of NATO territory and abide by the commitments we made to NATO.
“We’re united in our support of Ukraine. We’re united in our opposition to Russian aggression. And we’re united in our resolve to defend our NATO alliance. We’re united in our understanding of the urgency and seriousness of the threat Russia is making to global peace and stability,” he added.
[With Inputs from IANS]
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