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White House issues sanctions following Russian invasion of Ukraine

Feb 22, 2022


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.

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.

Joe Biden, U.S. President: “Yesterday, Vladimir Putin recognized two regions of Ukraine as independent states, and he bizarrely asserted that these regions are no longer part of Ukraine and their sovereign territory. To put it simply, Russia just announced that it is carving out a big chunk of Ukraine. Last night, Putin authorized Russian forces to deploy into the region, these regions. Today, he asserted that these regions are actually… extend deeper than the two areas he recognized, claiming large areas currently under the jurisdiction of the Ukrainian government. He’s setting up a rationale to take more territory by force, in my view. And if we listen to his speech last night and many of you did, I know he’s he’s setting up a rationale to go much further. So, today I’m announcing the first tranche of sanctions to impose cost on Russia in response to their actions yesterday. These have been closely coordinated with our allies and partners and we’ll continue to escalate sanctions if Russia escalates. We’re implementing full blocking sanctions on two large Russian financial institutions: VEB and their military bank. We’re implementing comprehensive sanctions on Russia’s sovereign debt. That means we’ve cut off Russia’s government from Western financing. It can no longer raise money from the West and cannot trade in its new debt on our markets or European markets, either. Starting tomorrow and continuing in the days ahead, we’ll also impose sanctions on Russia’s elites and their family members. They share in the corrupt gains that the Kremlin policies and should share in the pain as well. None of us, none of us should be fooled. None of us will be fooled. There is no justification. Further Russian assault in Ukraine remains a severe threat in the days ahead. And if Russia proceeds, it is Russia and Russia alone that bears the responsibility.”

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