Biden puts sanctions on Russian banks and elites as he says Ukraine invasion has begun

WASHINGTON, Feb 22 (Reuters) – President Joe Biden said on Tuesday the United States was imposing a first tranche of sanctions against Russia for launching an invasion of Ukraine and promised that more would come if there are further incursions.

Biden, speaking to reporters at the White House, said the United States would impose sanctions against two large Russian financial institutions and Russian sovereign debt. Sanctions were imposed against Russian elites and their family members as well, administration officials said.

President Vladimir Putin on Monday told Russia’s defense ministry to deploy what he called peacekeeping forces into two breakaway regions of Ukraine after recognizing them as independent, raising fears of imminent war in Europe.

“This is the beginning of a Russian invasion of Ukraine,” Biden said. “Russia has now undeniably moved against Ukraine by declaring these independent states.”

The United States had promised severe sanctions against Russia if it invaded Ukraine, which the White House previously defined as any movement of troops across the border.

The United States deployed its most powerful sanctioning tool, placing Russian elites and two banks on the Specially Designated Nationals list, effectively kicking them out of the U.S. banking system, banning them from trading with Americans, and freezing their U.S. assets.

Biden said the sanctions in the initial tranche applied to VEB bank and…