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Russia Will Be Cut Off From Western Finance, Says US President Joe Biden

Mumbai: Amid escalating tensions between Russia and Ukraine, US President Joe Biden said on Tuesday that Russian President Vladimir Putin has ordered the two regions of Ukraine to be recognized as ‘independent’ and subsequently ordering troops to enter Ukrainian soil is ‘the beginning of invasion’.

Hours after Russia’s actions in eastern Ukraine, Biden said Russia would be cut off from Western financing.

“We will impose far more sanctions on Russia than in previous measures. Sanctions cut Russia off from Western funding. We will sanction Russia’s elite,” Biden said. Maintaining that the US will not send its troops to Ukraine, Biden said that Washington will continue to provide defensive assistance to Ukraine.

Describing Russia’s actions as a violation of international law, Biden expressed hope that diplomacy was “still available” to address the developing crisis between Moscow and Kyiv.

“This is the beginning of the Russian invasion of Ukraine. Who in the name of God thinks Putin gives him the authority to declare a new so-called ‘country’ on the territory of his neighbours? Vladimir 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 said.

He announced sanctions on two big financial institutions, the VEB and the Military Bank of Russia and Russia’s sovereign debt, while Putin called on Russian lawmakers to approve the use of the Russian military outside Russia.

Biden further said that there are currently more than 150,000 Russian troops around Ukraine. Russian forces, including warplanes and offensive missile systems, are stationed in Belarus to attack Ukraine from the north.

‘Russia’s naval vessels are manoeuvring in the Black Sea to Ukraine’s south, including amphibious assault ships, missile cruisers, and submarines’ – he added.

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