This comes after President Vladimir Putin recognised the independence of breakaway regions Donetsk and Luhansk and ordered Russian troops there.
US President Joe Biden on Tuesday (local time) announced new sanctions against Russia and called President Vladimir Putin's moves in eastern Ukraine the "beginning of a Russian invasion".
This comes after President Vladimir Putin recognised the independence of breakaway regions Donetsk and Luhansk and ordered Russian troops there. Speaking on the Russia-Ukraine crisis from the White House, Biden also called Putin's moves the "beginning of a Russian invasion" of Ukraine as he announces new sanctions against Moscow.
READ | Vladimir Putin says Ukraine peace agreement ‘doesn’t exist anymore’, ready to deploy Russian troops
"We are implementing full blocking sanctions on two large Russian financial institutions: VEB and their military bank," Biden said adding, "We are implementing comprehensive sanctions on Russia's sovereign debt. That means we have cut off Russia's government from Western financing. It can no longer raise money from the West and can not trade in its new debt on our markets or European markets either."
"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 neighbours?" Biden asserted from the White House podium. In his remarks, Biden, further said, "We will also impose sanctions on Russia's elites and their family members. They share in the corrupt gains of the Kremlin policies and should share in the pain as well," adding, "We have worked with Germany to ensure that Nord Stream 2 will not ... move forward."
READ | European Union prepares ‘robust’ Russia sanctions amid Ukraine crisis; targets banks, officials
Following Putin's announcement, Biden on Monday signed an Executive Order that will prohibit all new investment, trade, and financing by US persons to, from, or in the "so-called Donetsk and Luhansk People's Republics". The US strongly condemned Putin's decision to recognize the "so-called Donetsk and Luhansk People's Republics" as "independent."
US Ambassador to UN Linda Thomas-Greenfield supported Ukraine`s call for an Urgent Meeting of the UN Security Council. She criticized Russia`s announcement and said that it is "nothing more than theatre, apparently designed to create a pretext for a further invasion of Ukraine.
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 "'Beginning of Russian invasion': US President Joe Biden announces new sanctions against Vladimir Putin's Russia")
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