By Yasin Ebrahim

Investing.com – U.S. President Joe Biden announced that they would issue the first round of sanctions against Russia after President Vladimir Putin attempted to seize more territory in Eastern Ukraine.      

Biden announced that the first tranche sanctions would be used to impose financial costs on Russia, and to react to Russia’s actions “. 

After initially suggesting that Russia would only recognize the areas of Eastern Ukraine that are held by separatists, Vladimir Putin has confirmed that Russia recognized Donetsk and Luhansk’s expanded borders. Fears have been raised that Putin may launch another invasion against Ukraine. 

Biden announced that “We are implementing complete blocking sanctions to large Russian banks, VEB and their military bank.” These sanctions, which would start on Wednesday and continue in the days ahead, would cut off Russia’s government from Western financing.

The president stated that Russia could no longer borrow money from the West, and it couldn’t trade its new debts on European markets. He also said that Russia would sanction individuals who have benefited from Moscow’s actions.    

We will also place sanctions on Russia’s elites, and their families. [who]Biden stated that they share the corruption-rich Kremlin policy gains and must share in their pain.” We work together with Germany to stop Nord Stream 2 from moving forward because of Russia’s actions.”

The U.S. is ready to take additional sanctions against Russia if it decides to invade.