President Biden says the U.S. will introduce a new wave of sanctions against Russia in a broad effort to isolate Moscow from the global economy.
The president's said that the totality of the penalties will target $1.4 trillion in assets and include specific measures against Russian banks including state-owned VTB Bank.
U.S. President Joe Biden delivers remarks about Russia's “unprovoked and unjustified" military invasion of neighboring Ukraine in the East Room of the White House on February 24, 2022 in Washington, DC.said Thursday that the U.S. will introduce a new wave of sanctions against Russia in a broad effort to isolate Moscow from the global economy.
"Today I'm authorizing additional strong sanctions, and new limitations on what can be exported to Russia," Biden said. "This is going to impose a severe cost on the Russian economy both immediately and over time." Prior to Biden remarks, leaders of the Group of Seven nations said they "are appalled by and condemn" Russia's military aggression in Ukraine and promised to impose "severe and coordinated economic and financial sanctions" against the Kremlin.Like other world leaders, Biden said U.S. sanctions against Russia will also restrict high-tech trade with Moscow to limit its access to semiconductors needed to manufacture artificial intelligence, aerospace and defense hardware.
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