President Joe Biden said on Tuesday the United States was imposing a first tranche of sanctions against Russia for launching an invasion of Ukraine and promised that more would come if there are further incursions.
Biden, speaking to reporters at the White House, said the United States would impose sanctions against two large Russian financial institutions and Russian sovereign debt. Sanctions were imposed against Russian elites and their family members as well, administration officials said.
The United States deployed its most powerful sanctioning tool, placing Russian elites and two banks on the Specially Designated Nationals list, effectively kicking them out of the U.S. banking system, banning them from trading with Americans, and freezing their U.S. assets. Putin did not watch Biden's speech and Russia will first look at what the United States has outlined before responding, according to Kremlin spokesperson Dmitry Peskov, cited by Russian news agencies.
Washington slapped sanctions on VEB and Promsvyazbank Public Joint Stock Company, as well as 42 of their subsidiaries, accusing the two banks of being "state-owned institutions that play specific roles to prop up Russia's defense capability and its economy."
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