The United States is imposing new sanctions against Russia, they will affect the sovereign national debt, which will cut off Moscow “from Western financing,” President Joe Biden said in a special address.

“Yesterday Putin recognized two regions of Ukraine as independent states. In my opinion, it creates a justification for seizing more territory. In order to go much further. This is the beginning of Russia’s invasion of Ukraine.”

Restrictive measures come into force on Wednesday. According to the American leader, they will also affect representatives of Russian elites and their family members, who “share the corruption danger of the Kremlin’s policy and will share their pain.”

In addition, there are “full blocking sanctions against two major financial institutions of Russia — VEB and military bank.”

The American leader noted that this is the “first tranche of sanctions,” in the event of an escalation of the crisis around Ukraine, new ones will follow.

As Biden stressed, the United States “has no intention of going to war with Russia,” but they want to send a clear signal that Washington and its allies “will defend every inch of NATO territory and follow commitments.”

The U.S. President also announced the transfer of additional American forces in Europe to strengthen Estonia, Latvia and Lithuania, while expressing hope that “diplomacy is still available.”

In addition, the U.S. administration is working together with Germany to prevent the Russian “Nord Stream-2” gas pipeline from starting work.