‘Russia will pay an even steeper price’, says Joe Biden after issuing sanctions over Ukraine

President Joe Biden said the US would levy a “first tranche” of sanctions on two large Russian banks and “comprehensive sanctions” against Russia’s soverign debt in response to Russia’s invasion of Ukraine.

Mr Biden announced that the US was imposing sanctions against VEB.RF, formerly known as Vnesheconombank, and Russia’s “military bank”.

The sanctions against Russian sovereign debt, he said, would “cut off Russia's government from Western financing” so Moscow could no longer raise capital from the west, nor trade new debt in US or European markets.

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