Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Biden Readies Sanctions on Russian Banks, Individuals After Ukraine Invasion

Published 2022-02-22, 02:48 p/m
Updated 2022-02-22, 02:48 p/m
© Reuters

© Reuters

By Yasin Ebrahim

Investing.com -- U.S. President Joe Biden said the U.S. would unleash the first tranche of sanctions on Russia and individuals after President Vladimir Putin moved to carve out a bigger chuck of Eastern Ukraine.      

"I'm announcing the first tranche of sanctions to impose costs on Russia and respond to their actions yesterday," Biden said. 

Russian President Vladimir Putin confirmed that Russia had recognized the expanded borders of Luhansk and Donetsk after initially indicating that Moscow would recognize only the two separatist-held areas in Eastern Ukraine. This has stoked fears that Putin plans to launch a further invasion of Ukraine. 

"We're implementing full blocking sanctions to large Russian financial institutions, VEB, and their military bank," Biden said. These sanctions, which would start on Wednesday and continue in the days ahead, would cut off Russia's government from Western financing.

"Russia can no longer raise money from the West and cannot trade in its new debt on our markets or European markets ," the president said, adding that individuals in Russia, who benefit from Moscow's actions, would also face sanctions.    

"We will also impose sanctions on Russia's elites and their family members [who] share the corrupt gains of the Kremlin policies and have to share in the pain as well," Biden said. "Because of Russia's actions, we work with Germany to ensure Nord Stream 2 will not move forward."

If Russia chooses to expand its invasion, the U.S. and its allies are prepared to implement additional sanctions. 

 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.