Biden announces sanctions in response to ‘beginning of Russian invasion of Ukraine’

US President Joe Biden announces a “first tranche” of sanctions against Russia for what he calls “the beginning of a Russian invasion of Ukraine.”

Speaking from the White House, Biden says Russian President Vladimir Putin is “setting up a rationale to go much further.”

He warns that, “If Russia goes further with this invasion we stand prepared to go further with sanctions.”

“Who in the Lord’s name does Putin think gives him the right to declare new so-called countries on territory that belongs to his neighbors? This is a flagrant violation of international law,” Biden adds. “None of us will be fooled” by Putin’s claims of Ukrainian aggression.

“I’m announcing the first tranche of sanctions to impose costs on Russia in response to their actions,” he says.

“We’re implementing sanctions on Russia’s sovereign debt. That means we’ve cut off Russia’s government from Western financing,” Biden says. The measures also will target financial institutions and Russian “elites.”

He also says he has “authorized additional movements of US forces” to NATO allies in Baltics in response to Russia’s moves. “Let me be clear, these are totally defensive moves on our part.”

The US leader says there is “still time” for diplomacy and to “avert the worst-case scenario” of a bloody full-scale Russian invasion of Ukraine “that will bring untold suffering to millions of people.”

“There’s no question that Russia is the aggressor, so we’re clear-eyed about the challenges we’re facing,” he says.