The United States and its allies will limit Russia’s ability to conduct operations in hard currency.

The U.S. authorities are introducing tough new sanctions against the Russian Federation, as well as restrictions on exports to the country. This was stated by the U.S. President Joe Biden, speaking at the White House on Thursday with a speech that concerned Russia’s decision to conduct a special military operation in response to the appeal of the leaders of the republics of Donbas.

“Today I authorize the introduction of additional tough sanctions and new restrictions on what can be exported to Russia. This will entail serious costs for the Russian economy both immediately and over time. We have specifically designed these sanctions in such a way as to increase the long-term effect for Russia and minimize the impact on the United States and our allies,” the American leader said.

The United States and its allies will limit Russia’s ability to conduct operations in hard currency.

“I spoke to the G7 partners today. We will limit Russia’s ability to do business in dollars, euros, pounds and yen, and to be part of the global economy. We will stop the opportunities for financing and development of the Russian armed forces,” he said.

The United States is imposing restrictive measures against VTB and a number of other major Russian banks, their American assets will be frozen.

“We are blocking several more large banks. This means that their assets in the U.S. will be frozen. Their [banks] include VTB, the second largest bank in Russia,” he said. Biden did not name other banks that will be subject to restrictions.

Biden said that the U.S. authorities continue to consider the possibility of imposing sanctions against Russian President Vladimir Putin.The journalists reminded the head of the state of his words that “large countries cannot bluff,” and asked whether the possibility of introducing personal sanctions against Putin is under consideration. “This is not a bluff, this [opportunity] is being considered,” the American leader said. He was asked if he was referring to sanctions against the Russian leader. “Yes,” Biden replied.