Biden Hits Russia with Sanctions After Invading Ukraine

President Joe Biden on Tuesday announced the first wave of sanctions on Moscow as Russian President Vladimir Putin appeared to be stepping up aggressions toward Ukraine, moving troops into two breakaway areas of eastern Ukraine and asking lawmakers to authorize his using troops overseas.

These have been closely coordinated with our allies and partners, and we’ll continue to escalate sanctions if Russia escalates,” Biden said in remarks from the White House Tuesday afternoon, calling Putin’s moves “the beginning of a Russian invasion of Ukraine.”

The latest package would issue sanctions on two major Russian banks and on the country’s sovereign debt, meaning it can no longer raise money from the West and trade new debt on U.S. or European markets, the president said. Starting tomorrow, the U.S. will also impose sanctions on Russian elites and their family members, he added.