Biden imposes harsh new sanctions on Russia

US President Joe Biden has unveiled harsh new sanctions on Russia after it launched “a special military operation” in Ukraine’s breakaway Donbass region.

Early on Thursday, Russian President Vladimir Putin ordered the operation to “defend people who for eight years are suffering persecution and genocide by the Kiev regime.”

Speaking to reporters at the White House later in the day, Biden said the sanctions were meant to have a long-term impact on Russia and to minimize the impact on the US and its allies.

"Putin chose this war. And now he and his country will bear the consequences,” he said, laying out a set of measures that will "impose severe cost on the Russian economy, both immediately and over time."

Biden said the sanctions, which include export blocks on technology, would limit Russia's ability to do business in dollars, euros, pounds and yen.

The US president also applied sanctions on Russian banks and "billionaires" and their families who are close to the Kremlin.

He also slapped sanctions on individuals in Belarus, including the country's defense minister, for what he said was the country's role in facilitating the Russian attack.

Biden vows to ‘hold Russia accountable,’ impose 'severe sanctions'

President Joe Biden says the world would “hold Russia accountable,” vowing "severe sanctions" on Moscow after it launched a military operation in Ukraine’s Donbass region.

Additionally, Biden announced a new deployment of ground and air forces to NATO's eastern flank, though he said, "our forces are not and will not be engaged in the conflict."

"Our forces are not going to Europe to fight in Ukraine but defend our NATO allies and reassure those allies in the east."

The US president also said he had authorized troops that had been placed on standby to be deployed to Germany.

Biden noted that this was a dangerous moment for all of Europe, adding NATO would meet on Friday to map out additional measures.

"No one expected the sanctions to prevent anything from happening. It's going to take time. We have to show resolve. He knows what is coming," Biden said.

The US president pointed to rising gas prices in the United States, saying he was working to limit the fallout the new sanctions would have on energy prices.

He added that the United States was prepared to release barrels from the Strategic Petroleum Reserve alongside its allies.

"I know this is hard and that Americans are already hurting," he said. "I'll do everything in my power to limit the pain the American people are feeling at the gas pump."

He warned oil and gas companies against trying to "exploit" this moment to raise prices.

Oil tops $105, European wheat prices hit record amid Ukraine crisis

Russia’s military operation in Ukraine raises the world oil prices to over $100 per barrel, and causing a new record high across Europe.

Biden had announced a more limited package of sanctions on Monday after Putin recognized the Donetsk and Luhansk People’s Republics as independent and ordered troops into the Donbas region.

The recognition followed an address in which Putin referred to eastern Ukraine as “ancient Russian lands” being “managed by foreign powers.”

Press TV’s website can also be accessed at the following alternate addresses:

www.presstv.co.uk