Biden hits Russia with more sanctions

 As Vladimir Putin invaded Ukraine and fired missiles into Kyiv, US President Joe Biden lambasted Russia with new sanctions.

In a speech at the White House on Thursday, Biden announced further penalties on Russia.

One of the restrictions is aimed at limiting Russia’s capacity to transact in dollars, euros, pounds, and yen to participate in the global economy.

Another sanction is to stop the ability of Russia to finance and grow the Russian military and also impair their ability to compete in the high-tech 21st-century economy.

The US also sanctioned Russian banks that together hold around $1 trillion in assets.

According to Biden, “we’re also blocking four more major banks. That means every asset they have in America will be frozen.

“It’s going to take time and we have to show resolve, so he knows what is coming. So the people of Russia know what he’s brought on them. That’s what this is all about. This is going to take time.”

He added that the sanctions would impose severe costs on the Russian economy, both immediately and over time.

“We have purposefully designed these sanctions to maximize a long-term impact on Russia and to minimize the impact on the United States and our allies,” Biden stated.