US President Joe Biden has announced strong sanctions and limitations on what can be exported to Russia as he condemned Russia for launching the military strike on Ukraine.
Speaking from the White House on Thursday, Biden said: “This is going to impose severe cost on the Russian economy, both immediately and over time. We have purposefully designed these sanctions to maximize a long-term impact on Russia and to minimize the impact on the United States and our allies,” he said.
He added, “we’re also blocking four more major banks. That means every asset they have in America will be frozen.”
“It’s going to take time and we have to show resolve, so he knows what is coming. So the people of Russia know what he’s brought on them. That’s what this is all about. This is going to take time,” Biden later said.
Biden said the United States is not doing this alone as the 27 EU members and G7 members will participate in these sanctions.
Here are the sanctions he announced:
- Limit Russia’s ability to do business in dollars, euros, pounds, and yen to be part of the global economy.
- Stop the ability to finance and grow the Russian military.
- Impair their ability to compete in high-tech 21st century economy.
- US sanctioned Russian banks that together hold around $1 trillion in assets.