Financial sanctions against Russia
Biden turns off the Kremlin’s money supply
02/22/2022, 8:49 p.m
After Germany, Great Britain and the EU, the USA is also imposing sanctions on Russia. In the Ukraine conflict, Washington wants to cut off the Russian government from western financial markets. He also announces military support for the Baltic States.
The US has announced new sanctions against Russia because of the dramatic escalation in the Ukraine conflict. The punitive measures will target two major banks, Russian government bond traders and supporters of Russian President Vladimir Putin, US President Joe Biden announced. The sanctions, which are intended to ban US banks from trading in Russian government bonds in the future, would cut off Moscow’s access to Western capital markets, stressed Biden.
Russia’s recognition of the so-called People’s Republics of Luhansk and Donetsk is a violation of international law, and he described the planned deployment of Russian troops in the eastern Ukrainian regions as “the beginning of an invasion” into Ukraine. Russian President Vladimir Putin “provides a justification for the violent capture of other areas,” Biden said in a speech at the White House.
After the most recent escalation, a large-scale attack by Russia on the neighboring country is still expected. “We still believe that Russia is ready to go much further and launch a massive military strike against Ukraine,” said the US President. In response to Russia’s refusal to withdraw troops from Belarus, Biden has pledged additional military support to the Baltic states. “The United States, meanwhile, will continue to provide defense assistance to Ukraine, and we will continue to strengthen our NATO allies,” he said.
The United States is still open to a diplomatic solution. “The United States and our allies and partners remain open to diplomacy. If it’s serious,” Biden said. He did not comment on his continued willingness to meet with Russian President Vladimir Putin. He agreed to a possible meeting over the weekend on the condition that Russia did not invade Ukraine beforehand.
The US government had already banned US financial institutions from trading in government bonds on the primary market last year, but not on the important secondary market. The European Union also launched a ban on trading in Russian government bonds on Tuesday. In addition, several hundred people and companies are said to be on the EU sanctions list. Britain imposed sanctions on five Russian banks and three Russian oligarchs. The federal government, in turn, put the Nord Stream 2 Baltic Sea pipeline on hold for the time being.
Russian President Vladimir Putin recognized the independence of the separatist regions of Donetsk and Luhansk in eastern Ukraine on Monday evening. The Kremlin chief also ordered Russian soldiers to be sent to eastern Ukraine.