President Joe Biden Imposes First Sanctions On Russia
President Joe Biden on Tuesday revealed that America will begin imposing sanctions on Russia as it has begun “an invasion” of Ukraine, including major implications for Russian bank VEB and its military bank.
CNBC reports that the sanctions will not allow American financial institutions from processing payments for VEB and its military bank, and no transactions with U.S dollars can be made.
The announcement comes after a border attack on Ukraine was approved by the Russian parliament at the request of Vladimir Putin.
“That means we’ve cut off Russia’s government from Western financing,” Biden said at the White House. “It can no longer raise money from the West and cannot trade its new debt on our markets. or European markets either.”
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Biden also plans on sanctioning those close to Putin and his inner circle adding that Russian elites and their family members, “share the corrupt gains of the Kremlin’s policies, and so they ought to share in the pain as well.”
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