: Ukraine crisis: United States President Joe Biden cuts off financing to Russia #IndiaNEWS United States President Joe Biden on Tuesday imposed the first tranche of financial sanctions against Russia,

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Ukraine crisis: United States President Joe Biden cuts off financing to Russia #IndiaNEWS
United States President Joe Biden on Tuesday imposed the first tranche of financial sanctions against Russia, claiming that Moscow has started invading Ukraine, Reuters reported. The restrictions were announced after Russian President Vladimir Putin allowed ordered troops to be deployed in eastern Ukraine. On Monday, Putin had said he recognised the independence of separatists in the Ukrainian regions of Donetsk and Luhansk. Biden on Tuesday said that the country was implementing comprehensive sanctions on Moscow’s sovereign debt. A government issues sovereign debt in a foreign currency to finance the issuing country’s growth and development.“That means we’ve cut off Russia’s government from Western financing,� he said. “It can no longer raise money from the West and cannot trade in its new debt on our markets or European markets either.�He added that the United States, in coordination with its allies, was “implementing full blocking sanctions on two large Russian financial institutions: VEB [Russian state development corporation] and their military bank�.Biden added Moscow has now “undeniably moved against Ukraine by declaring these independent states�, according to Reuters. “This is the beginning of invasion,� he said. Today, I announced the first tranche of sanctions in response to Russia’s actions in Ukraine. And if Russia goes further with this invasion, we stand prepared...Read more

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