The White House has followed through on its threat to issue sanctions against Russia after its invasion of Ukraine. President Biden announced the sanctions Tuesday afternoon, targeting two banks and several high-profile Russian individuals. The video above includes clips from President Biden’s announcement.
Today, in close coordination with our Allies and partners, I am announcing the first tranche of sanctions to impose costs on Russia in response to yesterday’s actions.
We will continue to escalate sanctions as Russia escalates.
— President Biden (@POTUS) February 22, 2022
In the first round of sanctions, the White House is implementing full blocking sanctions on two Russian banks: VEB and Russia’s military bank. They are also implementing sanctions on Russian sovereign debt.
With the sanctions, the White House believes it has cut off Western financing for the Russian government. Under the sanctions, the Administration says Russia cannot trade its new debt in American or European markets.
Starting Wednesday, sanctions will also be imposed on several high-profile Russian families with ties to Russian President Vladimir Putin.
“They share in the corrupt gains of the Kremlin’s policies and should share in the pain as well,” Biden tweeted.
Biden has promised more sanctions should Russia continue its invasion of Ukraine.
