The United States President, Joe Biden announced new sanctions on the Russian government which he says will stunt Russia’s ability to finance its military and compete in a 21st-century high tech world.
He announced this in a press briefing, late Thursday evening after a meeting with G7 leaders.
The US President stated that the sanctions are to maximize long term impact on Russia’s economy.
What the US President is saying
Biden said he is launching additional strong sanctions and new limitations on what can be exported to Russia.
“This is going to impose severe costs on the Russian economy, both immediately and over time.
“We have purposely designed these sanctions to maximise the long term impact on Russia and minimize the impact on the United States and our allies.
“I want to be clear, the United States is not doing this alone, for months we have been building, a coalition of partners representing well more than half the global economy, 26 members of the EU including France, Germany, Italy as the United Kingdom, Canada, Japan, Australia and many others to amplify the joint impact of our response.”
He said he just spoke with the G7 leaders in the morning, and they are in full and total agreement to limit Russia’s ability to do business in dollars, euros, pounds and yen.
“We are going to stunt the ability to finance and grow Russia’s military.
“We are going to impose major sanctions and we are going to impair their ability to compete in high tech 21st-century economy.
“We have already seen the impact of our actions on Russia’s currency in the Ruble, which early today hit its weakest ever in history,” he added.