President Joe Biden announced harsh new sanctions on Russia on Thursday, aimed at punishing the country for its full-scale invasion of Ukraine, while also criticizing Russian President Vladimir Putin for his aggression. However, Biden acknowledged that the new sanctions would take time to change Putin’s behavior.
The latest penalties include technology export bans, a key component of Biden’s strategy, which he claims will severely hinder Russia’s capacity to progress its military and aerospace industries.
He also sanctioned four Russian banks, as well as corrupt billionaires and their families with ties to the Kremlin.
He also announced a fresh ground and air force commitment to NATO’s eastern border, while reiterating that US soldiers will not participate in direct war in Ukraine.
Biden spoke to the nation from the East Room of the White House, his first public appearance since the Russian attack began late Wednesday. Biden framed Russia’s invasion of its neighbor as a generational moment with the potential to upend world order in his remarks.
The most recent US retaliation against Moscow this week had been postponed in order for Biden to keep some leverage in dissuading Putin from launching a full-scale invasion. However, threats of economic sanctions from the West, as well as Biden’s tactic of sharing what the US knew about Putin’s military buildup in an attempt to make the Russian leader second-guess himself, have so far failed.
Biden spoke with the leaders of the Group of Seven industrialized nations about the penalties they planned to implement before speaking, in the hopes of coordinating a response that would show unity among Western allies. Officials from the United States and Europe spoke by phone overnight on Thursday to coordinate their responses.
According to a White House official, Biden also called a meeting of his National Security Council on Thursday morning to assess the situation in Ukraine.
Following Putin’s first decision to send soldiers into Ukraine in response to the recognition of two pro-Russian regions in the country’s east, Biden unveiled a more limited package of penalties on Monday. Two state-owned financial companies, three members of Putin’s inner circle, and Russia’s national debt were targeted.
