US President Joe Biden on Thursday announced severe new sanctions on Russia in response to the invasion of Ukraine, including freezing assets of major banks and cutting off high-tech exports to the country.
“This is going to impose severe cost on the Russian economy, both immediately and over time,” Biden said.
He said the steps imposed in coordination with Europe will block top Russian banks from the US financial system and “cut off more than half of Russia’s high-tech imports.”
“It is always an option but right now that’s not the position that the rest of Europe wishes to take,” Biden told reporters at a news conference addressing Russia’s invasion of Ukraine.
Russia’s Vladimir Putin will become “a pariah on the international stage” following his country’s invasion of Ukraine, US President Joe Biden said, revealing he had “no plans” to talk with his counterpart.
“Any nation that countenances Russia’s naked aggression against Ukraine will be stained by association,” Biden said in a White House appearance where he announced new sanctions on Moscow.
Russia’s invasion “was never about genuine security concerns on their part,” Biden added. “It was always about naked aggression, about Putin’s desire for empire, by any means necessary.”
Joe Biden vowed to defend “every inch” of NATO territory after Russia sent forces into Ukraine — but reaffirmed that no American troops would be deployed to Washington’s ally.
“As I made crystal clear, the United States will defend every inch of NATO territory with a full force of American power,” Biden said in an address to the nation from the White House.
The president added, however: “Our forces will not be engaged in a conflict with Russia in Ukraine.”
Joe Biden also pledged to release oil from the Strategic Petroleum Reserve if needed to shield consumers from the impact of rising prices.
Oil prices have surged amid Moscow’s invasion of Ukraine and the prospect that supply from Russia will be impacted.
Washington “will release additional barrels of oil as conditions warrant” Biden said, noting that “Americans are already hurting.”
And he said the US is working with allies on a “collective release from the strategic petroleum reserves of major energy consuming countries.”