These sanctions deprive Russia of the ability to trade in major currencies in the global market, as well as sanctions against Russian banks and state-owned enterprises.
The latest sanctions target Russia’s two largest banks, which will not be able to transact in US dollars, while state energy giant Gazprom and other major companies will not be able to finance in Western markets.
In addition, the Allies imposed export controls on Russia’s high-tech goods aimed at destroying Russia’s defense and aerospace sectors, while Washington added more Russian companies to its sanctions list.
Joe Biden told reporters at the White House that the attack was planned, that Vladimir Putin was aggressive, that he had chosen the war, and that he and his country would now suffer the consequences.
Biden said the sanctions were aimed at reducing Russia’s long-term impact on the United States and its allies.
He says Washington is ready to do more.
The sanctions are aimed at limiting Russia’s ability to trade in dollars, euros, pounds and yen.
The sanctions target Russia’s five largest banks, including the state-backed Saber Bank and VTB Bank, as well as members of the Russian elite and their families.
Russia’s largest lender, Saber Bank, will no longer be able to transfer money with the help of US banks.
The White House also announced export sanctions on Russia aimed at blocking Russia’s access to everything from commercial electronics and computers to semiconductors and aircraft parts.
EU sanctions on Russia
In addition to the United States, the European Union has announced extensive new sanctions on Russia over its attack on Ukraine.
Canada, along with its ally the United States, imposed the first round of economic sanctions on Russia on Tuesday.
Canada also deployed 460 Canadian troops to the NATO mission in Eastern Europe.
Justin Trudeau said Canada would respond forcefully to Russia’s aggression, but did not comment directly on whether to consider troop deployments in Ukraine.
Asian countries ban exports of military equipment to Russia
In response to Russia’s full invasion of Ukraine, several Asian countries imposed sanctions on Russia.
Australian Prime Minister Scott Morrison has said he will expand sanctions against Russia, targeting members of its elite and lawmakers.
Japanese Prime Minister Fumio Kishida has said he will impose sanctions on Russia in three areas, including the export of military equipment.
Japanese Finance Minister Shunichi Suzuki said Japan would also freeze the assets of several Russian banks.
Without elaborating, Taiwan said it would join the republics that have imposed sanctions on Russia.