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Western financing and access to market cut for Russia and its elites, says Joe Biden

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Khushi Doshi

Published On : February 23, 2022 at 15:25 IST

President Joe Biden has stated that if Russia expands its invasion of its neighbour, more sanctions will be imposed.

In the first portion of punitive sanctions in reaction to Russia’s invasion of Ukraine, US President Joe Biden cut Moscow off from western financing and levied unspecified sanctions on Russian elites on Tuesday.

He also stated that if Russia migrated further into Ukraine, as he expects, more sanctions would be imposed. “If they move further, we have further sanctions ready,” he warned, claiming that everything Russia was doing pointed to a full-fledged invasion of Ukraine.

Biden stated that Russia’s actions were a flagrant breach of international law that insisted on a harsh reaction from the US and its allies. He also accused Putin of historical revisionism for questioning Ukraine’s very presence. “There is no doubt that Russia is the aggressor,” said the US President.

The recent package, according to the president, would impose sanctions on two major Russian banks as well as the country’s sovereign debt, implying that the country would no longer be able to raise funds from the West or trade new debt on US or European markets. Beginning tomorrow, the US will also impose sanctions on Russian elites and their family members, he added.