President Joe Biden said Thursday that the U.S. will impose a new wave of sanctions against Russia.
The president said that the total of the penalties will target trillions of dollars in assets and include specific measures against Russian elites and banks. Biden said that the White House authorized additional troops to be stationed in Germany as NATO allies look to bolster defenses in Europe.
Biden said that he was authorizing additional strong sanctions and new limitations on what could be exported to Russia.
Biden spoke with the leaders of the G-7 and they agreed to limit Russia's ability to do business. We will limit their ability to do that.
The leaders of the Group of Seven nations condemned Russia's military aggression in Ukraine and promised to impose severe and coordinated economic and financial sanctions.
Biden said that U.S. sanctions against Russia will restrict high-tech trade with Moscow to limit its access to semiconductors needed to manufacture artificial intelligence, aerospace and defense hardware. Canada and the U.K. both announced curbs on exports to Russia.
Moscow launched an attack on several Ukrainian cities, including the capital of Kyiv, early Thursday.
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Russian President Vladimir Putin said that Russia would launch a special military operation in Ukraine to check its military capacity, but he did not mention the occupation of Ukrainian territory.
The U.S. and its NATO allies say there is little to no evidence of military aggression from Ukraine and that Russian claims to the contrary serve as Moscow's pretext for invasion.
The military conflict in Ukraine has kept global markets volatile for weeks. The German DAX index dropped 4% as bank stocks fell more than 8% in Europe.
The S&P 500 was 1% lower before noon in New York.
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