In response to Russian President Vladimir Putin’s decision to recognize the separatist-controlled Donetsk and Luhansk regions in Ukraine as “independent” states, President Joe Biden announced sanctions against Russia in an effort to deter it from launching a full-scale invasion into Ukraine.
Biden on Tuesday called Putin’s decision “the beginning of a Russian invasion of Ukraine” and warned that the sanctions could grow more severe.
“As Russia contemplates its next move, we have our next move prepared as well,” Biden said. “Russia will pay an even steeper price if it continues its aggression, including additional sanctions.”
Russia’s foreign minister Sergey Lavrov told Russian state TV that Russia was already “used to” sanctions and that it believes more sanctions would be imposed on Moscow regardless of what it does.
“That our [Western] colleagues are trying to push the blame on Russia for the failure of the Minsk agreements, we also understand,” he said, referring to a truce Ukraine and separatists signed in 2014. “Our European, American, British colleagues won’t stop and won’t calm down as long as they haven’t exhausted their possibilities for the so-called punishment of Russia.”
What are economic sanctions?
Economic sanctions are defined by the Council on Foreign Relations as the withdrawal of customary trade and financial relations for foreign and security policy purposes. The sanctions can be comprehensive, which prohibit economic activity with an entire country,…
