According to the head of the White House, the invasion of Ukraine will turn the Russian president into a “pariah on the world stage.”
President Joe Biden said Thursday that Vladimir Putin will become an “outcast on the world stage” after Moscow invaded Ukraine. Biden added that he “has no plans” to talk with his Russian counterpart.
“Putin’s aggression against Ukraine will ultimately cost Russia dearly,” Biden stressed, addressing the White House about the introduction of new sanctions against Moscow. – Putin will become an outcast in the international arena… The reputation of any country that supports Russia’s undisguised aggression against Ukraine will be tarnished by complicity” in the Kremlin’s actions, Biden said.
He noted that the Russian invasion “was not caused by sincere concerns about security on the part of Moscow.” The President stressed that “it has always been blatant aggression, Putin’s desire to [recreate] the empire at any cost.”
New sanctions as a response to aggression
The head of the White House unveiled tough new sanctions against Russia on Thursday after Moscow launched a full-scale invasion of Ukraine. The White House has applied new steps impeding Russia’s ability to do business in major world currencies, along with sanctions against Russian banks and state-owned enterprises.
“This is a deliberate attack,” Biden said, adding that Vladimir Putin rejects Western attempts to continue dialogue and violates international law.
“Putin is an aggressor. Putin chose this war. And now he and his country will feel the consequences,” the president said.
Biden explained that the sanctions were designed to have a long-term impact on Russia and minimize the negative impact of the measures taken on the United States and its allies. He added that Washington is ready to go even further.
Assets of the largest Russian banks will be frozen
According to the president, the new sanctions will limit Russia’s ability to do business in dollars, euros, pounds sterling and yen.
“With today’s actions, we have imposed sanctions against Russian banks, which collectively own assets worth about $ 1 trillion,” the head of the White House said.
“We have already cut off Russia’s largest bank – a bank that itself owns more than one-third of Russia’s banking assets – cut it off from the U.S. financial system,” the president added.
He stressed that Washington is blocking four more large Russian banks. This means that all their assets in America will be frozen. In particular, sanctions are being imposed against VTB, the second largest bank in Russia, Biden stressed, whose assets amount to $ 250 billion.
“As promised,” the head of the White House noted, “we will also add names to the list of Russian elites and their family members against whom sanctions have been imposed – against whom we are also imposing sanctions.”
On Tuesday, Biden said, the U.S. authorities banned the Russian government from raising money from American or European investors.
“Now we are going to apply the same restrictions to Russia’s largest state-owned enterprises – companies with assets exceeding $1.4 trillion,” the president stressed. “Some of the strongest consequences of our actions will manifest over time, when we manage to narrow Russia’s access to finance and technology for strategic sectors of its economy and reduce its industrial potential for many years to come.”
According to American estimates, thanks to such actions, the United States, its allies and partners will be able to block more than half of Russian high-tech imports.
“This will deal a blow to their (Russians’) ability to continue modernizing their armed forces. This will undermine their aerospace industry, including their space program. This will damage their ability to build ships, reducing their ability to compete economically. And this will be a serious blow to Putin’s long-term strategic ambitions,” the president concluded.
The United States will defend its NATO allies with all its might
Biden promised to defend “every inch” of NATO territory after Russia sent troops into Ukraine. The President stressed that the United States does not plan to deploy its troops on Ukrainian territory.
“As I have made it very clear, the United States will defend every inch of NATO territory with all of American might in full force,” Biden said. At the same time, he added that “our forces will not participate in the conflict between Russia and Ukraine.”
The President noted that NATO leaders will discuss further steps on Friday. He confirmed that the United States is not going to fight with Russia, but that Washington is always ready to fulfill its obligations under the Fifth Article of the NATO Charter, which provides for the protection of alliance partners.
Biden said that at this “dangerous moment for the whole of Europe,” he gave the go-ahead for the redeployment to Germany of the American military, recently put on standby due to the aggravation of the situation around Ukraine.
The President noted that the idea of imposing personal sanctions against Vladimir Putin is still being considered as one of the possible options.
“This is not a bluff, this issue is being discussed,” Biden told reporters.
The President also did not rule out the possibility of disconnecting Russia from the SWIFT international payment system, however, according to him, America’s European allies currently oppose this step.
“This always remains one of the options, but now it is not the position that is shared in Europe,” the president explained.