President Biden announced on Thursday new sanctions on Russia and limitations on what can be exported to Russia in response to Russian President Vladimir Putin’s decision to invade Ukraine.
Biden said that the sanctions will target Russian elites, banks, and technology exports which he claimed will cripple Russia’s ability to modernize its military and will damage the Russian economy.
Some of the sanctions listed by the administration included:
- Severing the connection to the U.S. financial system for Russia’s largest financial institution, Sberbank, including 25 subsidiaries, by imposing correspondent and payable-through account sanctions.
- Full blocking sanctions on Russia’s second largest financial institution, VTB Bank (VTB), including 20 subsidiaries. Full blocking sanctions on three other major Russian financial institutions: Bank Otkritie, Sovcombank OJSC, and Novikombank- and 34 subsidiaries.
- New debt and equity restrictions on thirteen of the most critical major Russian enterprises and entities. This includes restrictions on all transactions in, provision of financing for, and other dealings in new debt of greater than 14 days maturity and new equity issued by thirteen Russian state-owned enterprises and entities: Sberbank, AlfaBank, Credit Bank of Moscow, Gazprombank, Russian Agricultural Bank, Gazprom, Gazprom Neft, Transneft, Rostelecom, RusHydro, Alrosa, Sovcomflot, and Russian Railways.
- Additional full blocking sanctions on Russian elites and their family members: Sergei Ivanov (and his son, Sergei), Andrey Patrushev (and his son Nikolai), Igor Sechin (and his son Ivan), Andrey Puchkov, Yuriy Solviev (and two real estate companies he owns), Galina Ulyutina, and Alexander Vedyakhin.
- Costs on Belarus for supporting a further invasion of Ukraine by sanctioning 24 Belarusian individuals and entities, including targeting Belarus’ military and financial capabilities by sanctioning two significant Belarusian state-owned banks, nine defense firms, and seven regime-connected official and elites.
- Russia-wide restrictions to choke off Russia’s import of technological goods critical to a diversified economy and Putin’s ability to project power. This includes Russia-wide denial of exports of sensitive technology, primarily targeting the Russian defense, aviation, and maritime sectors to cut off Russia’s access to cutting-edge technology. In addition to sweeping restrictions on the Russian-defense sector, the United States government will impose Russia-wide restrictions on sensitive U.S. technologies produced in foreign countries using U.S.-origin software, technology, or equipment. This includes Russia-wide restrictions on semiconductors, telecommunication, encryption security, lasers, sensors, navigation, avionics and maritime technologies.
- Historical multilateral cooperation that serves as a force multiplier in restricting more than $50 billion in key inputs to Russia- impacting far more than that in Russia’s production.
Biden’s sanctions do not target Putin directly and he refused to answer why he was not going directly after the Russian president.
Biden skips a question on why he does not sanction Putin today. pic.twitter.com/FvLfHoC8K2
— MRCTV (@mrctv) February 24, 2022
Biden announced that more U.S. troops would be deployed to the region to secure NATO countries, even though they would not get involved in the conflict in Ukraine.
“Our forces are not and will not be engaged in the conflict,” Biden said. “Our forces are not going to Europe to fight in Ukraine but defend our NATO allies and reassure those allies in the east.”
“At the direction of the President, Secretary of Defense Austin has ordered the deployment to Europe of approximately 7,000 additional Service Members,” the Department of Defense said in a statement. “This would comprise an armored brigade combat team with associated capabilities and enablers. They will deploy to Germany to reassure NATO Allies, deter Russian aggression and be prepared to support a range of requirements in the region. We expect them to depart in the coming days.”
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