MOSCOW (dpa-AFX) - Responding to the all-out invasion of Ukraine, U.S. President Joe Biden has announced additional economic sanctions against Russia.
Biden said the 'devastating' package of sanctions will 'impose severe cost on the Russian economy, both immediately and over time.'
'We have purposefully designed these sanctions to maximize a long-term impact on Russia and to minimize the impact on the United States and our allies,' Biden said from the East Room of the White House.
The president said the new sanctions will limit Russia's ability to do business in dollars, euros, pounds and yen, stop Russia's ability to finance and grow their military and impair their ability to compete in high-tech 21st century economy.
The U.S. will also sanction additional major Russian banks, which Biden said would freeze 'every asset they have in America.'
The new package does not include cutting Russia off from SWIFT, a global network that connects financial institutions around the world, or direct sanctions against Russian President Vladimir Putin, although Biden said sanctions against Putin are still 'on the table.'
Biden said the U.S. is also taking steps to defend NATO allies, particularly in the east, but stressed U.S. forces will not be engaged in the conflict with Russia in Ukraine.
'It's going to take time and we have to show resolve, so [Putin] knows what is coming,' Biden said. 'So the people of Russia know what he's brought on them. That's what this is all about.'
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