US President Joe Biden has declared openly powerful boycotts on Russian banks with assets in the US as well as placed restrictions on what can be shipped to Russia as he criticized Russia for undertaking the martial attack on Ukraine.
Speaking from the White House today, Thursday, 24th February 2022, Biden said: “This is going to assess a drastic cost on the Russian frugality, both instantly and over time. We have consciously constructed these sanctions to maximize a long-term effect on Russia and to underrate the influence on the United States and our supporters,” he said.
He added, “we’re also obstructing four additional major banks. That means every investment they have in America will be frozen.”
“It’s going to take time and we have to show resolve, so he knows what is coming. So the people of Russia know what he’s brought on them. That’s what this is all about. This is going to take time,” Biden added.
The United States is not performing this alone, he explained, later saying that the 27 EU partners and G7 units will contribute to these penalties.
Here are the embargoes he stated:
— Limit Russia’s capacity to do business in dollars, euros, pounds, and yen to be part of the international economy.
— Stop the capacity to subsidize and accumulate the Russian military.
— Impair their capacity to fight in the high-tech 21st-century economy.
The US ruled Russian banks that jointly hold around $1 trillion in purchases.