[Breaking] Biden Announces Russia Export Controls... "Putin Sanctions Also on the Table"

SWIFT Expulsion Not Included
"No Plans to Talk with Putin"

[Image source=AP Yonhap News]

[Asia Economy New York=Special Correspondent Joselgina] On the 24th (local time), U.S. President Joe Biden announced additional sanctions targeting Russia, which launched an invasion of Ukraine, including export controls on advanced technology. However, the previously discussed exclusion from the international financial messaging system (SWIFT) and direct sanctions against Russian President Vladimir Putin were not included. Nevertheless, President Biden indicated that such sanctions remain on the table.

In a national address held at the White House that afternoon, President Biden stated, "Russian President Vladimir Putin chose this war," adding, "Now he and his country must bear the consequences." He criticized Putin for rejecting all diplomatic opportunities and efforts extended to him, calling it a "months-long planned attack."

Accordingly, the U.S. will restrict Russia from conducting transactions in dollars, euros, pounds, and yen, and will implement export controls on Russia, including key technological items. This refers to applying the 'Foreign Direct Product Rule,' which dealt a fatal blow to Chinese company Huawei, in a Russian-style manner, focusing on semiconductors and applying it across the Russian industry.

The U.S. also added four major Russian banks, including VTB, Russia's second-largest bank, which were not included in the first round of sanctions. These are large banks with assets totaling approximately $1 trillion. President Biden explained, "We will impose additional sanctions on four major banks," meaning "all assets in the U.S. will be frozen."

However, the sanctions announced that day did not include the exclusion of Russia from SWIFT, which has been regarded as a powerful card to effectively remove Russia from the international financial network. President Biden also confirmed that SWIFT was not mentioned. SWIFT is a system that allows financial institutions worldwide to make international financial payments using 8- or 11-character codes. More than 11,000 major banks and financial companies worldwide use it.

Additionally, President Biden hinted that direct sanctions against President Putin are "on the table" and still under consideration.

He dismissed plans for a meeting with President Putin. Calling Putin a "plunderer," President Biden drew a line, saying, "I have no plans to talk with him." He assessed Putin as having "much greater ambitions than Ukraine," stating, "He wants to rebuild the Soviet Union." Regarding the deployment of U.S. troops in Europe, he clarified that it is not to fight Russian forces within Ukraine but rather for the defense of NATO allies.

President Biden emphasized that these sanctions are not solely those of the U.S. but involve 27 European Union (EU) member countries and the Group of Seven (G7) major countries. He said, "They will impose immediate and long-term severe costs on the Russian economy," and "We have minimized the impact on the U.S. and our allies."

In response to concerns that Americans might suffer due to soaring international oil prices, he stated, "Oil and gas companies should not exploit this moment to increase profits and raise prices," adding, "We are cooperating with major oil-producing and consuming countries to secure global energy supplies. We will also release strategic reserves as conditions permit."

He did not forget to warn countries allied with Russia. He emphasized, "When the history of this era is written, President Putin's choice will make Russia weaker and the rest of the world stronger." When asked whether he is urging China, which maintains close relations with Russia, to help isolate President Putin, he replied, "I am not prepared to comment on that at this time."

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