Biden: "Russia Begins 'Invasion' of Ukraine... Sanctions on Financial Institutions" (Update)

[Image source=AP Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] On the 22nd (local time), U.S. President Joe Biden defined Russia's recognition of the self-proclaimed republics in the eastern Donbas region of Ukraine and the order for military entry as "the beginning of a Russian invasion of Ukraine," and imposed sanctions on Russian financial institutions, national debt, and individuals. This level of sanctions is stronger than those imposed during Russia's annexation of the Crimean Peninsula in 2014, and there is a plan to expand additional sanctions depending on Russia's future actions.

In a speech held at the White House that afternoon, President Biden stated, "If Russia continues its invasion, we are prepared to increase sanctions further." This marked a change in stance from the previous day when the entire U.S. administration was cautious about labeling the Russian military's entry into the Donbas region as a new 'invasion.'

Sanctions targeting Russian President Vladimir Putin's inner circle and financial institutions were also announced. President Biden explained, "We are imposing comprehensive blocking sanctions on Russia's major financial institutions, VEB and the Military Bank, and broadly sanctioning national debt," adding, "This means we have cut off Western finance to the Russian government." The goal is to prevent Russia from obtaining funds from the West. He also announced personal sanctions targeting Putin's close associates, saying, "We will impose sanctions on Russia's elites and their families."

President Biden warned, "These sanctions will be much harsher than those imposed by the U.S. and its allies during the 2014 annexation of the Crimean Peninsula." He hinted at additional sanctions already in preparation and indicated that this is not the end. He made it clear that the strongest sanctions are being reserved while monitoring Russia's actions.

He called Russia's recognition of the self-proclaimed republics in the eastern Donbas region a "clear violation of international law," and questioned, "Who gave President Putin the right to declare a so-called 'state' on territory that belongs to a neighbor?"

Along with this, President Biden approved the plan to move additional U.S. troops and military equipment already stationed in Europe to the Baltic allies Estonia, Latvia, and Lithuania, following Russia's decision not to withdraw troops from Belarus, stating, "This is for defense." He added, "We do not intend to fight Russia, but we want to send a clear message that the U.S., together with its allies, will defend every inch of NATO territory."

However, President Biden left room for a diplomatic solution. He said, "Whatever Russia does next, we are prepared," but also noted, "There is still time to avoid the worst-case scenario."

This content was produced with the assistance of AI translation services.