President Biden said that Russia has begun an “invasion” of Ukraine Tuesday while announcing new sanctions aimed at deterring further Russian aggression in Ukraine.

Biden announced what he said was the “first tranche” in a series of sanctions in response to Russia’s invasion of Ukraine, targeting two Russian banks and the country’s sovereign debt.

Biden said Putin’s recognition of two separatist “republics” in eastern Ukraine and his decision to deploy troops there was “bizarre,” and said that the Russian leader is “setting up a rationale to go much further.”

“Who in the Lord’s name does Putin think gives him the right to declare new so-called countries in territories that belong to his neighbors?” Biden asked.

Biden said two major Russian financial institutions, VEB and Russia’s military bank, would be put under sanctions and that the country’s sovereign debt will be sanctioned so Russia “can no longer raise money from the West and cannot trade its new debt on our markets or European markets either.”

He added that sanctions against Russian elites and their family members would begin to roll out on Wednesday, and that the United States had more severe sanctions waiting to be slapped on Russia if Putin continues his invasion.

Biden called the sanctions that are “far beyond” the sanctions imposed on Russia during its 2014 annexation of Crimea in Ukraine, saying the U.S. was cutting of Russia’s major financial institutions from the west.

Biden noted that the Russian government was moving supplies of blood along with troops and ships near the Ukraine border, arguing it was a clear sign that the Russians intend to start a war in Ukraine.

“You don’t need blood unless you plan on starting a war,” President Biden said of Russia stockpiling blood supplies on the Ukrainian border.

Biden also said that the United States is sending additional defense assistance to Ukraine and putting troops already deployed to Europe to Baltic states, on NATO’s eastern flank. He reiterated that U.S. troops would not fight in Ukraine, but said Americans would feel the consequences of war, including through higher gas prices.

President Biden: “This is the beginning of a Russian invasion of Ukraine.” Putin is “setting up a rationale to take more territory by force, in my view…He’s setting up a rationale to go much further.”

Biden says US sanctioning Russian oligarchs, debt in retaliation for action against Ukraine, warns of further sanctions.

(YWN World Headquarters – NYC)