By Anthony Marcus, for Eurasia Business News – February 22, 2022

View on the White House, Washington, U.S. – Photo credit : Swann Collins, February 2012.

US President Joe Biden announced today new economic sanctions against Russia, during a 8 minutes statement in the White House, after Moscow officially recognized the separatist republics of Donetsk and Luhansk in Eastern Ukraine and sent peacekeeping troops there.

Joe Biden called the Russian move in Ukraine as “the beginning of an invasion, in violation of international law”, and gave few details, saying that sanctions target the Russian bank VEB and the Russia’s sovereign debt. Moscow will not be able anymore to finance state debt using dollars from Western markets.

 “We are also imposing comprehensive sanctions on Russian sovereign debt. This means that we are cutting off the Russian government from Western funding,” the American leader said.

Sanctions against “Russian elites and members of their families” will begin on Wednesday and the following days, added Joe Biden.

US President critized the Russian President’s position regarding NATO and Ukraine, exposed on February 2021.

According to him, the United States will strengthen its military presence in Europe to protect the Baltics, but do not intend to fight with the Russian Federation.

The United States remains ready for diplomatic work with Russia, and hopes for the same attitude in Moscow, the US President said. “We are taking a sober look at the challenges we face. However, there is still time to prevent the worst-case scenario from developing <…>. The United States, its allies and partners remain open to diplomacy, if any serious“, said Joe Biden.

The White House will closely monitor the situation in the energy markets in connection with the sanctions against the Russian Federation, and are ready to take action. “As we respond, my administration is using every opportunity in our arsenal to protect American businesses and consumers from rising prices“, stated Joe Biden.

With an annual inflation reaching 7.5% in January 2022, the American consumers see their purchasing power decreasing, with food, energy, goods and transport prices growing. US President Joe Biden must show that he fights inflation if he want the Democrats to win the mid-term elections :

“As I said last week, protecting freedom will come at a cost to us as well. We must be honest. […] However, as we do so, I intend to take serious action to ensure that the damage from our sanctions affects the Russian economy, not us.“

Before this statement President Joseph Biden met with Ukrainian Foreign Minister Dmytro Kuleba to reaffirm the United States’ commitment to Ukraine’s sovereignty and territorial integrity. 

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