Yasin Ebrahim

Investing.com — U.S. President Joe Biden announced Thursday wider sanctions aimed to further cripple Russia’s economy and its access to key technology imports after Russian President Vladimir Putin initiated a full-scale military invasion on Ukraine.

Biden declared, “Today I am authorizing additional severe sanctions and new limits on what can be export to Russia.” “This will impose severe costs on the Russian economic, both immediate and long-term.”

Putin announced a “special military operation” to “denazification” Ukraine. Invasion of Ukraine is ordered as diplomatic attempts to ease tensions run out of steam.

Four more banks, including VTB will be blocked by the sanctions. This will also freeze American assets. It will also limit Russia’s ability import critical technology necessary to improve their industrial and military capabilities.

“As we squeezed Russians access to finances and technology for strategic sectors of its economy can degrade its industrial capacity for years to come,”  “We estimate [the sanctions]The Russian government will reduce more than half its high tech imports to Russia. [limiting]Biden stated that they were able to keep modernizing their military.”

Biden said also that the U.S. is prepared to react in kind to Russian cyber attacks on U.S.-based companies.   

The U.S. declared a first-ever trance in sanctions earlier this week, targeting two Russian banks and top officials who supported the Kremlin’s invasion Ukraine. Biden followed up those measures with sanctions on Nord Stream 2 AG, the company tasked with of building Russia’s Nord Stream 2 gas pipeline. 

Biden said that the sanctions will take some time before they have their desired effect.