U.S., U.K., Germany target Russian banks, pipeline project over growing Ukraine crisis

#ukrainecrisis #biden #russia

U.S. President Joe Biden announced the first wave of new and tougher sanctions against Russia Tuesday, following measures imposed by Britain and Germany, one day after President Vladimir Putin formally recognized two breakaway regions in Eastern Ukraine, escalating a security crisis on the European continent.

"This is a flagrant violation of international law and demands a firm response from the international community," he said at the White House Tuesday afternoon.

The sanctions, among others things, target Russian banks and sovereign debt.

"That means we've cut off Russia's government from western financing," he said. "It can no longer raise money from the West and cannot trade in its new debt on our markets or European markets either."

There will also be sanctions imposed on Russia's elite and their family members.