In a speech on the developments in the situation in Ukraine, the US President considered that the Russian attack was “unjustified and planned for several months,” stressing that the United States “has repeatedly warned of what happened today of a Russian invasion of Ukraine.”
He added, warning his Russian counterpart: “Putin will bear the consequences of aggression against Ukraine… We will double the effects of sanctions on Russia and mitigate their effects on allies,” adding that Putin “has much greater ambitions than Ukraine.”
He continued, “We will impose unprecedented sanctions on Russia and its banks… and there is a consensus to restrict Russia’s ability to use the dollar,” noting that he imposed sanctions on Russian banks that have trillions of dollars in assets.
He also stressed that “all Russian funds in the United States will be frozen,” and continued, “Western sanctions against Russia target 4 additional banks and elite individuals.”
The sanctions will also target exports, saying: “I have ordered the imposition of new sanctions on Russia, including exports. We will restrict technological exports that reach Russia. Those restrictions on exports will cancel more than half of Russia’s imports of high-tech products.”
Biden also stressed that “measures will be taken to stop the rise in energy prices and preserve its supplies,” noting that his country “will release additional oil from the strategic petroleum reserve, according to the requirements of need.” “We are working to secure a global supply of energy,” he added.
Meanwhile, Biden noted that sanctions against Russia “will need some time to bear fruit.”
Regarding working with NATO, he said: “Our forces in Eastern Europe are to defend our allies… We will send additional American forces to Germany. We will protect the history of NATO.”
The US president was keen to stress that the United States “worked with its partners during the past weeks to enhance dialogue with Russia to resolve the Ukrainian crisis,” before events escalated quickly.