US imposes sanctions on Russia

President Joe Biden has imposed sanctions on Russia as he addressed the nation on the Ukraine crisis.

The President started by condemning Russia’s actions that point towards an imminent invasion. He then announced new sanctions on Russia and warned with even dire consequences.

“I’m going to begin to impose sanctions in response, far beyond the steps we and our allies and partners implemented in 2014.”

“If Russia goes further with this invasion we stand prepared to go further as with the sanctions,” added Biden.

As a response to Putin’s order of the deployment of Russian troops in Eastern Ukraine, President Biden proceeded to impose sanctions on Russia.

“I’m announcing the first tranche of sanctions to impose costs on Russia in response to their actions yesterday,” said Biden.

The President said that the sanctions to be imposed were ‘closely coordinated’ with allies.

“These have been closely coordinated with our allies and partners and we’ll continue to escalate sanctions if Russia escalates.”

Sanctions:

• Blocking Russian financial institutes

“We are implementing full-blockage sanctions on two large Russian financial institutions, the VEB and their military bank. We are also implementing comprehensive sanctions on Russian sovereign debt,” Biden said.

• Economic sanctions

“We’re implementing comprehensive sanctions on Russia’s sovereign debt. That means we’ve cut off Russia’s government from Western financing. It can no longer raise money from the West and can not trade in its new debt on our markets or European markets either.”

“We’ll also impose sanctions on Russia’s elites and their family members. They share in the corrupt gains of the Kremlin policies and should share in the pain as well.”

• Discontinuation of Nord Stream 2 pipeline project

“We’ve worked with Germany to ensure that Nord Stream 2 will not move forward.”

Impact on the US:

Biden assured his administration was using every tool at its disposal to curb the impact of the sanctions on US gas prices. Therefore, acknowledging the possibility of a hike in gas prices in the upcoming months.

“As I said last week, defending freedom will have costs,” emphasized Biden.

“We need to be honest about that. But as we do this, I’m going to take robust action to make sure the pain of our sanctions is targeted at the Russian economy, not ours.”

President Biden maintained a strict tone throughout his speech. However, he frequently suggested a resolution through diplomacy.

Saying, “I’m hoping diplomacy is still available,” he said concluding his speech.