Washington DC February 24 2022: The US will stop Russia’s ability to finance and grow its military, the US president says.
He says the sanctions he is outlining will impair its ability to compete in the high tech 21st Century economy.
Outlnining the economic consequences of the invasion already, he points to ehe Russian’s rouble hitting its weakest level ever and the Russian stock market plunging today
“We’ve now sanctioned Russian banks that together hold one trillion dollars in assets,” Biden says.
“We’ve cut off one of Russia’s largest banks, which holds one-third of the country’s banking assets.”
Joe Biden is outlining strong sanctions to “maximise a long-term impact on Russia and to minimise the impact on the United States and its allies”.
He says he has agreed with the G7 leaders from the world’s largest economies that they will collectively limit Russia’s ability to do business in dollars, euros, pounds and yen.
