United States of America began imposing economic blockade sanctions on Russia in the midst of the news of the country’s invasion of Ukraine.
quote AFPThe sanctions were announced by the President of the United States (US) Joe Biden in Washington DC, Tuesday (22/2) local time.
Biden said this was an early stage of sanctions imposed by the US on Russia, namely to stop financing support for the former communist country in the West.
The sanctions will substantially freeze the assets of two Russian banks Vnesheconombank (VEB) and state bank Promsvyazbank (PSB). Likewise, other Russian supporting financial institutions, cannot be separated from these sanctions.
The US Treasury Department said the two Russian banks have assets of about billions of US dollars. The institution that was sanctioned by the blocking was believed to be the main supporter of boosting Russia’s economy and military power.
Sanctions will also be imposed on a number of Russian elites by freezing their assets in the US. They will be barred from using the US banking system.
A number of experts, assess this sanction may not be very effective. However, Biden stressed that economic sanctions against Russia are only in the early stages.
Biden said sanctions would be increased beyond the first phase if Russia continued its aggression against Russia.
(bin)
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