Biden announces new sanctions against Russia for Ukraine 'invasion'

On Tuesday, President Biden announced that the United States will impose new sanctions against Moscow after Russian President Vladimir Putin ordered troops into two Ukrainian territories. Biden added that “there is no justification” for Russia’s aggression in the region.

Video transcript

JOE BIDEN: So let's begin to-- so I'm going to begin to impose sanctions in response far beyond the steps we and our allies and partners implemented in 2014. And if Russia goes further with this invasion, we stand prepared to go further as with sanctions.

Who in the Lord's name does Putin think gives him the right to declare new so-called countries on territory that belong to his neighbors? This is a flagrant violation of international law and demands a firm response from the international community. Over the last few months, we've coordinated closely with our NATO allies and partners in Europe and around the world to prepare that response.

We've said all along, and I've told Putin to his face some-- a month-- more than a month ago, that we would act together. And the moment Russia moved against Ukraine. Russia has now undeniably moved against Ukraine by declaring these independent states.

So today, I'm announcing the first tranche of sanctions to impose costs on Russia in response to their actions yesterday. These have been closely coordinated with our allies and partners. And we'll continue to escalate sanctions if Russia escalates.

We're implementing full blocking sanctions on two large Russian financial institutions, VEB and their military bank. We're implementing comprehensive sanctions on Russian sovereign debt. That means we've cut off Russia's government from Western financing. It can no longer raise money from the West, and cannot trade in its new debt on our markets, or European markets, either.

Starting tomorrow, and continuing in the days ahead, we'll also impose sanctions on Russia's elites and their family members. They share in the corrupt games of the Kremlin policies, and should share in the pain, as well. And because of Russia's actions, we've worked with Germany to ensure Nord Stream 2 will not, as I promised, will not move forward.