West Hits Back At Russia With Economic Sanctions, Biden Calls Putin's Move In Ukraine 'Beginning Of Russian Invasion'
Canada also announced a series of new sanctions against Russia include banning Canadians from all financial dealings with the breakaway states known as Luhansk and Donetsk
New Delhi: In retaliation to President Vladimir Putin's move in eastern Ukraine, the US has announced new sanctions against Russia calling it the "beginning of a Russian invasion".
The latest sanction comes amid Putin’s recognition of the independence of breakaway regions Donetsk and Luhansk. Speaking on the Russia-Ukraine crisis from the White House, US President Joe Biden said: "We are implementing full blocking sanctions on two large Russian financial institutions: VEB and their military bank." according to ANI report.
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The European Union had also announced sanctions targeting the 351 Duma legislators who voted in favor of recognising separatist regions in Ukraine including 27 other Russian officials and institutions from the defence and banking world. Besides, it also sought to limit Moscow’s access to EU capital and financial markets, as per Reuters.
Meanwhile, Canada also announced a series of new sanctions against Russia including banning Canadians from all financial dealings with the breakaway states known as Luhansk and Donetsk.
Canadians also will be barred from purchasing Russian sovereign debt and dealing with two state-backed Russian banks. Moreover, Ottawa will also sanction members of the Russian parliament who voted to recognize the separatist regions.
Prime Minister Justin Trudeau said, "Make no mistake, this is a further invasion of a sovereign state and it is absolutely unacceptable." "Russia's brazen provocations are a threat to security and peace in the world."
The sanctions, he said "will remain in place until the territorial integrity of Ukraine is restored".
Cutting Off Western Financing
Biden added, "We are implementing comprehensive sanctions on Russia's sovereign debt. That means we have cut off Russia's government from Western financing. It can no longer raise money from the West and can not trade in its new debt on our markets or European markets either."
"Who in the Lord's name does Putin think gives him the right to declare new so-called countries on territory that belongs to his neighbours?", Biden asserted from the White House podium.
Sanction On Russia's Elites
Hitting out at the Russia Biden said, "We will also impose sanctions on Russia's elites and their family members. They share in the corrupt gains of the Kremlin policies and should share in the pain as well," adding, "We have worked with Germany to ensure that Nord Stream 2 will not ... move forward."
Soon after the announcement, Biden on Monday signed an executive order prohibiting all new investment, trade, and financing by US persons to, from, or in the "so-called Donetsk and Luhansk People's Republics".
The US strongly condemned Putin's decision to recognize the "so-called Donetsk and Luhansk People's Republics" as "independent."
On the other hand, US ambassador to UN Linda Thomas-Greenfield also offered support to Ukraine's demand for an urgent meeting of the UN Security Council. While criticising Russia's move, she said that it is "nothing more than theatre, apparently designed to create a pretext for a further invasion of Ukraine."
Putin has ordered movement of the Russian Armed Forces to Ukraine's breakaway regions after recognizing their independence in his Monday address to the nation. Notably, in March 2014, Russia invaded and then annexed the Ukrainian peninsula of Crimea. In April pro-Russian separatists in the Donbas region declared independence.
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