Biden Announces Sanctions Against Russia, Says No Plans To Talk With Putin

Biden spoke with Ukrainian President Volodymyr Zelenskiy late on Wednesday


US President Joe Biden on Thursday introduced “severe” financial sanctions that may make President Vladimir Putin a “pariah” for invading Ukraine, revealing he had no plans to speak to his counterpart. He additionally conceded a scarcity of Western unity for enacting a good more durable measure.

In a speech from the White House, Biden mentioned 4 main banks could be hit with sanctions by Western powers and that export controls on delicate elements would “cut off more than half of Russia’s high-tech imports.”

“This is going to impose severe cost on the Russian economy, both immediately and over time,” Biden mentioned.

The measures, on high of a raft of different sanctions already introduced this week, will make Putin “a pariah on the international stage,” Biden mentioned.

“Any nation that countenances Russia’s naked aggression against Ukraine will be stained by association,” he mentioned.

Biden confirmed that for now there was no try to put sanctions immediately on Putin, who’s extensively reported to have amassed an enormous, secret fortune throughout his twenty years in energy.

He additionally mentioned {that a} a lot talked about transfer to chop Russia from the SWIFT worldwide funds system — basically crippling its banking sector — was not taking place.

Ukraine pleaded for yanking Russia from SWIFT on Thursday, however Biden revealed that the Western coalition couldn’t come to an settlement.

“It is always an option but right now that’s not the position that the rest of Europe wishes to take,” he mentioned.

G7 closes ranks

Biden spoke to the nation after having attended a digital, closed-door assembly which lasted an hour and 10 minutes with the Group of Seven.

The group of wealthy Western democracies — Britain, Canada, France, Germany, Italy, Japan and the United States — mentioned it was standing agency in opposition to Russia’s “threat to the rules-based international order.”

Biden tweeted that G7 leaders “agreed to move forward on devastating packages of sanctions and other economic measures to hold Russia to account. We stand with the brave people of Ukraine.”

In a joint assertion, the seven industrial powers additionally mentioned they had been “ready to act” to reduce disruptions to world power markets because of Moscow’s assault on Ukraine and with sanctions already concentrating on a significant pipeline from heavyweight power producer Russia.

In London, Prime Minister Boris Johnson mentioned Britain was freezing the UK property of Russian titans in banking and arms manufacturing, sanctioning 5 extra oligarchs, and banning Aeroflot.

And Germany’s vice chancellor, Robert Habeck, signaled Thursday that the Western sanctions aimed to “cut off the Russian economy from industrial progress” and assault and freeze property and monetary holdings, and… dramatically restrict entry to the European and American markets.”

Next step

A first round of Western sanctions was unleashed Tuesday, after Putin announced he would send troops as “peacekeepers” to two small areas already controlled by Moscow-backed separatists.

The US government joined European allies in imposing sanctions on two Russian banks, Moscow’s sovereign debt, several oligarchs and other measures.

Then on Wednesday, as the Russian invasion force became clearly primed to attack, Biden announced he was imposing sanctions on the Nord Stream 2 natural gas pipeline from Russia to Germany — one of Moscow’s highest-profile geopolitical projects.

Germany had earlier announced it would block the pipeline from opening for deliveries.

The US State Department organized Ned Price warned this week that “no Russian monetary establishment is secure.”

Some measures threat inflicting financial fallout for Western nations and will imperil the worldwide economic system restoration after the Covid pandemic. Already inventory markets are tumbling and oil costs are souring over $100 a barrel.

The SWIFT choice specifically is seen as problematic. It would a minimum of for a while disconnect Russia from fundamental commerce — massively disrupting Putin’s economic system — however it might additionally carry appreciable potential aftershocks to the broader, US-led monetary system.

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