Joe Biden imposed new sanctions against Russia. In a speech at the White House today, the U.S. president announced that Russian airlines have been banned from flying over the country, Russian major banks have been cut off from the world market, and personal sanctions have been imposed on Russian oligarchs, up to and including confiscation of their assets.
"We hurt Russia and support the people of Ukraine. Putin is more isolated from the world now than ever before. Together with our allies, we are applying powerful economic sanctions right now.
We are cutting off the largest Russian banks from the international financial system. We are preventing the Central Bank of Russia from strengthening the ruble, rendering Putin's $630 billion military fund useless. We are cutting Russia off from the world's technology, which will undermine its economic strength and weaken its military for years to come," Biden said.
Separately, he addressed Russian oligarchs in his speech, saying the U.S. would create a new unit to investigate Russian businessmen.
"We are joining our European allies to find and seize your yachts, your luxury apartments, your private jets. We are going after what you have gained by unrighteous means," the U.S. president said.
Joe Biden called such measures a response to the war unleashed by Putin against Ukraine.
