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Joe Biden (L), Vladimir Putin (R).
Joe Biden (L), Vladimir Putin (R).Alex Brandon/AP Photo; Sergei KarpukhinTASS via Getty Images
  • President Biden announced sanctions against Russia on Thursday.

  • They include measures to target Russia's largest financial institutions.

  • Below is the full list of sanctions.

The new sanctions on Russia were announced by President Biden on Thursday.

The measures aim at Russia's economy, military, financial system, and technological imports.

Russia will not be allowed to do business in dollars, euros, pounds, and yen in the global economy. We are going to make it harder for them to compete in a high-tech 21st-century economy.

The president said that Putin chose the war. He and his country will have consequences.

There is an overview of the sanctions.

  • Sberbank, Russia's biggest bank and largest financial institution, is being blocked from processing transactions in dollars by the White House. Sberbank holds a third of Russia's banking assets.

  • The assets of the second biggest bank in Russia will be frozen.

  • The White House has frozen the US assets of three other Russian financial institutions. The White House says it has targeted Russia's 10 biggest financial institutions and 80% of the country's banking assets.

  • The US is imposing new debt and equity restrictions on businesses that are critical to the Russian economy.

  • Some of Putin's allies are being hit with sanctions. Assets they hold in the US will be frozen and they will not be allowed to enter the country.

  • The US has imposed sanctions on the country for its support of Russia. Two state-owned banks, nine defense firms, and seven officials and elites will be affected by the measures.

  • The White House is taking measures against the Russian Ministry of Defense to limit their military growth.

  • Russia's supply of technological goods has been cut off by the US.

  • The White House will exempt nations from new US licensing requirements for items made in their countries if they impose similar export restrictions on Russia.

You can read the list of sanctions from the White House here.

The original article is on Business Insider.

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