US Announces Major Sanctions on Russia, Freezes Banks, Tech Imports | Key Takeaways

The sanctions target Russian banks, oligarchs and high-tech sectors, Biden said. The United States and its allies will block assets of four large Russian banks, impose export controls and sanction oligarchs.

US President Joe Biden on Friday delivered his first address to the nation since Russia invaded Ukraine in the early hours of Thursday morning. Biden announced a slew of sanctions against Moscow including further restrictions on banks and Russian President Vladimir Putin’s inner circle. He emphasized the importance of the US and its allies standing up to Russian aggression, arguing that Vladimir Putin’s military maneuvers in Ukraine threaten freedom everywhere.

“This aggression cannot go unanswered. If it did, the consequences for America would be much worse,” Biden said. “America stands up to bullies. We stand up for freedom. This is who we are.”

Here are the Key Takeaways from US President Joe Biden’s Address:

• US President Joe Biden announced sanctions and export controls against Russia
• Western sanctions target four more Russian banks, elites
• Export controls will ‘cut off more than half of Russia’s high-tech imports
• No US troops to Ukraine but will ‘defend every inch of NATO territory
• Russian President Vladimir Putin ‘will be a pariah on the international stage
• No plans to talk with Vladimir Putin: US President Joe Biden
• Release of oil from reserve to buffer Americans
• Cutting Russia from SWIFT banking system ‘always an option

Russia launched a lethal invasion of Ukraine in the early hours of Thursday morning with a series of missile attacks on cities including the capital Kiev. Dozens of Ukrainians have been killed since then, civilians are fleeing their homes and global markets have plunged.

Biden has vowed to hold Russia “accountable” for the “premeditated war” and condemned the attack in aa phone call with Ukrainian President Volodymyr Zelensky overnight.