US President, Joe Biden has impose more Economic sanctions on Russia.
The sanctions is coming after Russian military attack Ukraine early hours of Yesterday, 24th of February 2022.
The sanctions include the ability of Russians to trades in Dollars, pound, Europe and other currency.
US also impose sanctions on Russia ability develop it military hardware.
According to Biden, the sanctions is going to have long time effect, as the effects has started, for the first time in history, Russian Economy plunge.
Read Biden Statement below
This morning, I met with my G7 counterparts to discuss President Putin’s unjustified attack on Ukraine and we agreed to move forward on devastating packages of sanctions and other economic measures to hold Russia to account. We stand with the brave people of Ukraine.
I spoke with the G7 leaders today, and we are in full agreement:
We will limit Russia’s ability to be part of the global economy.
We will stunt their ability to finance and grow Russia’s military.
We will impair their ability to compete in a high-tech, 21st century economy.
We’ve already seen the impact of our actions on the Russian currency — the ruble — which early today hit its weakest level ever.
The Russian stock market plunged today.
And the Russian government’s borrowing rate spiked above 15 percent.
America stands up to bullies. We stand up for freedom.
That’s who we are.
We have been transparent with the world — we shared declassified intelligence about Russia’s plans and cyber attacks and false pretexts — so that there can be no confusion or cover up.
Putin is the aggressor. Putin chose this war.
My Administration is using every tool at our disposal to protect Americans and businesses from rising prices at the pump.
We are taking active steps to bring down the costs — and American oil and gas companies should not exploit this moment to hike prices just to raise profits.
Today, I authorized a new round of sanctions and limitations in response to Putin’s war of choice against Ukraine.
We have purposefully designed these sanctions to maximize the long-term impact on Russia – and to minimize the impact on the United States.
The next few days, weeks, and months will be hard on the people of Ukraine. Putin has unleashed a great pain on them.
But the Ukrainian people have known 30 years of independence — and they have shown that they will not tolerate anyone who tries to take their country backwards.
Today, the United States, along with Allies and partners, is imposing severe and immediate economic costs on Russia in response to Putin’s war of choice against Ukraine. They will have a profound impact on Russia’s economy, financial system, and access to cutting-edge technology.
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