U.S. President Joe Biden announced a package of sanctions today on Russian nationals after Russia recognized the two breakaway provinces of Ukraine, Luhansk and Donetsk, as independent countries, and stationed troops there as “peacekeepers”. In an address from the White House, Biden termed this as “the beginning of a Russian invasion”.
He also emphatically said: "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?"
He announced that the U.S. and E.U. had cut off Russia’s financing from the West. "We are implementing full blocking sanctions on two large Russian financial institutions: VEB and their military bank”, he said, adding that sanctions have been placed on Russia’s sovereign debt and it will no longer be able to trade its new debt in U.S. or European markets.
Full detail of new @USTreasury sanctions in response to Russia's Donetsk/Luhansk recognition. Individuals include: FSB Chief Aleksandr Bortnikov; VTB Chairman Denis Bortnikov; top presidential aide Sergei Kiriyenko; Vkontakte CEO Vladimir Kiriyenko (and wives and children too) pic.twitter.com/uN6rilMLPo
— Mike Eckel (@Mike_Eckel) February 22, 2022
President Biden said that “the sanctions will also extend to Russian elites and their family members. They share in the corrupt gains of the Kremlin policies and should share in the pain as well”.
The European Union also sanctioned 351 Russian lawmakers of the State Duma who participated in the recognition of the two breakaway Donbass regions and also targeted 27 individuals accused of indulging in disinformation and destabilizing activities, and providing financial support to the separatists.
Japan has also joined the U.S.-led international pressure against Russia. Prime Minister Fumio Kishida said that issue and distribution of new Russian government bonds in Japan will be banned, while expressing his “strong condemnation” of Russia’s actions. He said: “We strongly urge Russia to return to diplomatic process in resolving the development,”
‘Nord Stream 2 Will Not Move Forward’
The much discussed Nord Stream pipeline which supplies almost half of Germany’s gas supply from Russia has now been put on hiatus. The U.S. President and his German counterpart, Chancellor Olaf Scholz, have confirmed this, with Biden saying in his address that “the Nord Stream 2 will not move forward”
The $11 billion project was completed in September 2021 but did not kick off due to pending certification from Germany and the European Union. Its review process for certification was suspended yesterday on Tuesday, as told by German Chancellor Olaf Scholz to the media.
The pipeline was being seen as a major geopolitical leverage of Russia in the ongoing stand-off with Western powers. After its suspension was announced, former President and Deputy Chairman of the Security Council of Russia took a dig at Germany and tweeted the following:
German Chancellor Olaf Scholz has issued an order to halt the process of certifying the Nord Stream 2 gas pipeline. Well. Welcome to the brave new world where Europeans are very soon going to pay €2.000 for 1.000 cubic meters of natural gas!
— Dmitry Medvedev (@MedvedevRussiaE) February 22, 2022
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