Joe Biden publicizes sanctions forbidding Russia to lift funds from the West

US President Joe Biden introduced the primary tranche of sanctions on Russia, successfully slicing off Moscow from Western financing.

US President Joe Biden in his tackle to the nation on Russia’s actions introduced first tranche of sanctions. (Photo: Reuters)

US President Joe Biden on Tuesday introduced sanctions that can successfully minimize Russia off from Western financing.

In an tackle to the nation on Russia’s actions in opposition to Ukraine, Biden mentioned, “We’re imposing sanctions on 2 Russian financial institutions. Russia can no longer raise money from the West or no longer trade in Western markets. From tomorrow we’ll also impose sanctions on Russian elites and their families.”

The US’s announcement of sanctions comes after Germany and Britain moved sanctions on Russia earlier within the day.

German Chancellor Olaf Scholz suspended the certification course of for the Nord Stream 2 pure fuel pipeline, which straight hyperlinks Russian fuel to Europe by way of Germany. The UK imposed powerful sanctions in opposition to 5 Russian banks and three businessmen, which Prime Minister Boris Johnson described because the “first tranche” of measures.

The European Union has also imposed sanctions on several Russian officials as well as banks financing the Russian armed forces.

Meanwhile, Russian President Vladimir Putin ordered the deployment of troops to the two breakaway regions in eastern Ukraine.

Follow Russia-Ukraine crisis LIVE updates

On Monday, Russian President Vladimir Putin recognised the independence of two separatist regions of Ukraine — Donetsk and Lugansk. Putin also signed friendship and aid agreements with the Russia-backed separatist leaders of Ukraine, which means Moscow can now move its troops in the breakaway regions as a “peacekeeping” measure.

READ | Why Russia needs Ukraine so badly

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