WASHINGTON – President Joe Biden on Thursday imposed a new round of financial and economic-based sanctions on Russia as its forces launched attacks on Ukrainian cities, including its capital, Kyiv.
“Putin is the aggressor,” Biden said in remarks in the White House’s East Room. “Putin chose this war. And now he and his country will bear the consequences.”
Biden said he will use sanctions to freeze every asset Russia has in America.
The sanctions include:
- Limiting Russia’s ability to do business in dollars, euros, pounds, and yen.
- Blocking access to assets held by Russian elites and their family members
- Limiting Russia’s ability to finance and grow the Russian military.
- Limiting Russia’s ability to compete in the high-tech sector by cutting off more than half of that nation’s high-tech imports.
- Freezing the assets of four more major Russian banks.
Biden said that the new sanctions will “impose severe costs on the Russian economy, both immediately and over time.”
Biden spoke with G7 leaders Thursday morning and said they are “in full total agreement” on these new sanctions. He said they have already seen the impact of these sanctions.
Before the invasion, Russia had positioned more than 175,000 troops with equipment along the Ukraine border.
Biden’s latest sanctions, following others imposed Tuesday, drew mixed reviews from Capitol Hill, foreign policy experts and Ukraine advocates.
“President Putin will pay a heavy price for incursions in Ukraine, and we will make sure of that,” Sen. Ben Cardin, D-Maryland, said in a statement on Twitter. “The key to sanctions is to keep them in effect until Russia changes its behavior. Russia can withstand for some time, but there will come a point where the country will feel the impact.”
House Majority Leader Steny Hoyer, D-Mechanicsville, said in a statement that the invasion reflects Putin’s desire for “the reimposition of the Soviet Union sphere of influence.”
“Today he has proven that he will spare nothing to meet this end,” Hoyer said. “His military invasion of his democratic neighbor is a rejection of the will of its people, who have fought hard for the past decade for their independence. President Biden and our allies responded with a unified voice, imposing painful and punishing sanctions. We have provided lethal arms to help its people defend themselves against Russian aggression and will continue to offer material and other support as Ukrainians defend their nation.”
House Speaker Nancy Pelosi, D-California, said in a statement that “the response of America and our allies will be severe, ongoing and devastating for Russia, economically, diplomatically, and strategically.”
“President Biden has made clear throughout Russia’s escalation that we will continue to impose costs on Russia that will leave it weakened in every way,” the speaker said. “These include the further steps announced today of sweeping and catastrophic sanctions on financial institutions, companies and individuals critical to the Russian economy and of further military support to bolster NATO.”
Michael McFaul, former U.S. ambassador to Russia in the Obama administration, tweeted that the latest sanctions package “is severe.”
“At the same time, no one should have any illusions that these sanctions will change Putin’s thinking or actions anytime soon,” McFaul said. “Their effectiveness, tragically, will have to be measured over years, not weeks or months.”
But Senate Minority Leader Mitch McConnell, R-Kentucky, was critical of the Biden administration’s handling of the Ukraine crisis.
“Sadly, deterrence after the fact is not deterrence at all,” McConnell said in a statement. “The president should have exercised his extensive authorities to impose certain tough sanctions early enough to actually deter invasion and weaken Russia.”
“We should have ensured that the pipeline of lethal aid to Ukraine was flowing far sooner,” the GOP leader added. “And we should have sent more reinforcements to support NATO’s eastern flank allies earlier.”
Biden said Putin has a “sinister vision for the future of our world.” He said if Russia pursues cyber attacks on U.S. companies or infrastructure, he is prepared to respond.
“As I make crystal clear, the United States will defend every inch of NATO territory with the full force of American power,” the president warned. “Our forces are not going to Europe to fight in Ukraine but to defend our NATO allies and reassure those allies in the east.”
Roxolana Wynar, an organizer for United Help Ukraine, called Putin “very self-centered and egotistical.” Wynar said Biden’s explanation of the sanctions was “weak.”
“I’m really worried to be honest,” Wynar told Capital News Service. “I personally have my family and friends in Ukraine, and more of the people like my family, they have nowhere to go.”
Wynar also said that she would prefer that the United States and the European Union sanction Russia’s involvement in the SWIFT banking system — a step that would cripple that nation’s involvement in international business relations.
Reuters reported the EU is unlikely to eliminate Russia’s involvement in SWIFT at the moment, and Biden mentioned it was an option, but made clear there was not universal agreement on that step.
“I think the package of sanctions that the president announced is the most severe we’ve ever levied against Russia,” Rep. Adam Schiff, D-California, and chairman of the House Intelligence Committee, said in an interview with MSNBC. “Nevertheless, I favor going further. I favor expelling them from SWIFT, I favor imposing sanctions directly on Vladimir Putin.”
When asked whether he would impose sanctions on Putin, Biden said that option was “on the table” but did not elaborate further.
“America stands up to bullies. We stand up for freedom,” Biden said. “I know this is hard. Americans are already hurting. I will do everything in my power to limit the pain the American people are feeling.”
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