President Joe Biden hit Russia with a wave of sanctions on Thursday after Moscow invaded Ukraine.
The sanctions are targeted at limiting Russia’s ability to do business in dollars, euros, pounds and yen. Among the targets were five major banks, including state-backed Sberbank and VTB, as well as members of the Russian elite and their families. Sberbank, Russia’s largest lender, will no longer be able to transfer money with the assistance of U.S. banks.
The White House also announced export restrictions aimed at curbing Russia’s access to everything from commercial electronics and computers to semiconductors and aircraft parts.
Washington held back imposing sanctions on Putin himself and from disconnecting Russia from the SWIFT international banking system.
Biden said the sanctions were designed to have a long-term impact on Russia and to minimize the impact on the United States and its allies. However, he added, Washington was prepared to do more.
Earlier on Wednesday Washington imposed sanctions on the company in charge of building Russia’s Nord Stream 2 gas pipeline, and on Tuesday it sanctioned two large Russian financial institutions and Russian sovereign debt along with some members of the Russian elite and their family members.
“This is a premeditated attack,” Biden told reporters at the White House. “Putin is the aggressor. Putin chose this war. And now he and his country will bear the consequences.”
