On Thursday, U.S. President Joe Biden announced new sanctions on Russia in connection to the said country’s multi-front war on Ukraine.
However, Biden stopped short of putting sanctions on Russian President Vladimir Putin himself. Additionally, he didn’t announce banning Russia from the SWIFT banking system, revealing that Europe doesn’t agree with such a step.
In line with orders from Putin, Russian troops started attacking Ukraine overnight on Wednesday.
“Putin is the aggressor,” Biden stated. “Putin chose this war. And now, he and his country will bear the consequence.”
According to the U.S. president, the sanctions, in coordination with a coalition made with other nations, would focus on more major Russian banks such as Bank Oktritie, Novikombank, Sberbank, Sovcombank, and VTB. These sanctions will make it more difficult for Russia to conduct business using dollars, Euros, Pounds, and yen. Additionally, “new limitations” on what can be exported to Russia are now in place.
Additionally, according to the U.S., the sanctions target Russia’s elites, including the following people: Sergei Ivanov and his son Sergei, Andrey Patrushev and his son Nikolai, Igor Sechin and his son Ivan, Andrey Puchkov, Yuriy Solviev, and two real estate companies he owns, Galina Ulyutina and Alexander Vedyakhin.
The sanction will also limit 13 entities and enterprises’ borrowing opportunities. These 13 are Sberbank, AlfaBank, Credit Bank of Moscow, Gazprombank, Russian Agricultural Bank, Gazprom, Gazprom Neft, Transneft, Rostelecom, RusHydro, Alrosa, Sovcomflot, and Russian Railways.
Biden stated that he thinks Russia has “much larger ambitions than Ukraine. He wants to, in fact, reestablish the former Soviet Union.”
“America stands up to bullies,” Biden mentioned. “We stand up for freedom. This is who we are.”
“Liberty, democracy, human dignity – these are the forces far more powerful than fear and oppression,” he went on to say. “Make no mistake, freedom will prevail.”
On Thursday morning, Biden spoke with G7 leaders prior to making his speech, saying allies are “in full and total agreement.”