Ukraine crisis: Biden says Russia cut off from Western finances
United States President Joe Biden has announced the first set of sanctions against Russia, saying that Moscow had started an invasion of Ukraine. He further threatened tougher steps if Russia "continues its aggression." The move came after Russian President Vladimir Putin ordered troops to enter two separatist parts of eastern Ukraine, an action widely condemned by Western countries.
Why does this story matter?
The sanctions from the US and other nations come amid a rapid escalation of weekslong tensions along the Russia-Ukraine border. The world's largest country has amassed tens of thousands of troops and advanced weaponry along the border. The conflict arose as Russia has been opposing Ukraine's efforts to join NATO, an international military alliance led by the United States.
We've cut off Russia from Western financing: Biden
"We're implementing sanctions on Russia's sovereign debt. That means we've cut off Russia's government from Western financing," Biden said on Tuesday. "It can no longer raise money from the West and cannot trade in its new debt on our markets or European markets either." The measures also target Russia's state development bank and members of the country's "elites," according to the US President.
'Flagrant violation of international law'
"Who in the Lord's name does Putin think gives him the right to declare new so-called countries on territory that belongs to his neighbors? This is a flagrant violation of international law and demands a firm response from...international community," Biden added in his speech.
European nations also impose sanctions
Earlier, all 27 member states of the European Union okayed a range of anti-Russia measures. United Kingdom Prime Minister Boris Johnson has announced that five banks have had their assets frozen in Britain. Meanwhile, Germany paused a major joint infrastructure project with Russia, the Nord Stream 2 gas pipeline. US as well as European countries have warned that more sanctions could follow.
US moving troops into NATO member states
The sanctions have come after Russian lawmakers authorized President Putin to send troops into the separatist regions of Donetsk and Luhansk. Fighting between Moscow-backed rebels and Ukrainian government forces has been ongoing in those areas since 2014, killing an estimated 14,000 people, including civilians. Meanwhile, the US is also moving troops into NATO member states, which are located near the Russian border.
