Biden Targets Russian Banks In ‘First Tranche’ Of U.S. Sanctions

The new date is Feb 22, 2022, 03:22pm.

President Joe Biden announced an expansive sanctions package against Russian banks and elites Tuesday, as the West responds to Russian President Vladimir Putin's recognition of two rebel states in eastern Ukraine and decision to send troops to the region.

The first part of the U.S. sanctions against Russia were announced by Biden on Tuesday.

The sanctions include blocking Russia from accessing Western financial capital and markets for its debt, as well as the blocking of two Russian banks.

The U.S. will impose penalties against Russian elites and their family members starting Wednesday, though Biden didn't say who or what the penalties would be.

The European Union and the United Kingdom announced sanctions on Tuesday.

Putin said he could send troops to the region on Monday, a move that was denounced by the international community. The White House imposed restrictions on Americans conducting business in the rebel states and threatened penalties against anyone who did. Russia's parliament approved Putin's request to use military force abroad, even though NATO Secretary-General Jens Stoltenberg said there was evidence of Russian troops crossing into Ukraine. The E.U. and U.K.'s sanctions packages target Russian banks, wealthy individuals and politicians, though the U.K.'s measures drew criticism for not being expansive enough. The Chancellor of Germany said Tuesday that he would stop the $11 billion Nord Stream 2 natural gas line between Germany and Russia.

Crucial Quote

This is the beginning of a Russian invasion of Ukraine, so I will begin to impose sanctions in response.

Russia allows Putin's request for military deployment outside of Russia.

Russia Sanctions Tracker: First Barrage of Penalties announced by the U.K.

Putin ordered troops into two eastern Ukraine states.

Putin orders Russian troops to enter eastern Ukraine.