Biden Authorizes Fresh Sanctions Against Russia

US President Joe Biden was scathing in his criticism of Russia’s attack on Ukraine on Thursday and announced that he would be authorizing new sanctions on Russia, including on exports.

Biden said that the sanctions are designed to maximize the long-term impact on Russia’s economy but minimize the impact on Europe.

“We will prevent Russia from doing business in dollar, yen, pounds and euros”, Biden continued, “and we have sanctioned Russian banks holding more than $1T in assets. Biden bragged about recent weakness experienced by the Russian ruble, and in Russian credit default swaps, as indicative of the success of Western sanctions in their impact on the Russian economy”.