Tighter than 2014: Biden Introduces First Sanctions Package Against Russia

U.S. President Joe Biden has made a statement regarding the first sanctions package against Russia. According to him, these measures are closely coordinated with U.S. allies and partners.

“These sanctions are stricter than those imposed in 2014, and if Russia continues its invasion, there will be much harsher penalties. We are implementing comprehensive sanctions against two major Russian financial institutions, VEB and their military bank. We are imposing comprehensive sanctions on Russia's sovereign debt. This means that we have cut the Russian government off from Western financing. It can no longer raise funds from the West and cannot trade its new debt in our markets or the European markets. We will apply sanctions against Russian elites and their family members. We have also negotiated with Germany to ensure that Nord Stream 2 does not move forward. We will continue to support Ukraine and our NATO allies in every possible way,” Biden stated.

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