US President Joe Biden said Thursday that the newly announced sanctions against Russia for its invasion of Ukraine will take some time to have their full impacts felt by Russia and its economy.
“This is gonna take time. And we have to show resolve, so he knows what’s coming. And so the people of Russia know what he’s brought on them. That’s what this is all about,” Biden said.
He added, “He’s not going to say, ‘Oh my God, these sanctions are coming. I’m going to stand down.’ He’s going to test the resolve of the West to see if we stay together and we will. We will and it will impose significant costs on him.”
The President also said that the sanctions are critical for sending a message to Russian President Vladimir Putin.
“If we don’t move against him now with these significant sanctions, he will be emboldened,” Biden said.
Here’s a look at the unveiled sanctions and who they will target, according to the White House:
- Cut off Russia’s largest financial institution, Sberbank, and 25 of its subsidiaries from the US financial system. Sberbank holds nearly one-third of the overall Russian banking sector’s assets
- “Full blocking sanctions” on VTB Bank, Russia second largest bank, and 20 of its subsidiaries.
- “Full blocking sanctions” on three other large Russia banks: Bank Otkritie, Sovcombank OJSC, and Novikombank.
- Cut off 13 major state-owned companies from raising money from the US market. The list include: Sberbank, AlfaBank, Credit Bank of Moscow, Gazprombank, Russian Agricultural Bank, Gazprom, Gazprom Neft, Transneft, Rostelecom, RusHydro, Alrosa, Sovcomflot, and Russian Railways.
- Sanctions on Russian elites and family members. The list: Sergei Ivanov (and his son, Sergei), Andrey Patrushev (and his son Nikolai), Igor Sechin (and his son Ivan), Andrey Puchkov, Yuriy Solviev (and two real estate companies he owns), Galina Ulyutina, and Alexander Vedyakhin.
- Sanctions on 24 Belarusian people and companies. This includes “two significant Belarusian state-owned banks, nine defense firms, and seven regime-connected official and elites,” according to the White House.
- Sanctions on the Russian military.
- Sanctions on certain technological imports into Russia.
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