US President Joe Biden announced on Feb. 22 the first tranche of new sanctions against Russia due to it recognising the independence of two breakaway Russia-supported territories in Ukraine’s Donbas region and sending Russian troops there.
Speaking at the White House, President Biden condemned Putin’s “bizarre” recognition of the two separatist areas on Feb. 21, which he called a violation of international law.
Sanctions are being imposed on two banks, VEB and a military bank called Promsvyazbank, and there will be targeted sanctions against Russian oligarchs and their families.
Sanctions will also take in Russian sovereign debt, in effect cutting off Russia from Western financing.
Biden also confirmed the halting of Russia’s Nord Stream gas pipeline in unison with Germany.
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