Russian Invasion of Ukraine: US to sanction Putin, Lavrov

The White House said Friday that the U.S., in coordination with the European Union, will impose sanctions on Russian President Vladimir Putin over his decision to invade Ukraine, Al Jazeera reported.

“In alignment with the decision by our European allies, the United States will join them in sanctioning President Putin and Foreign Minister Sergey Lavrov and members of the Russian national security team,” White House Press Secretary Jen Psaki told reporters.

Mr Psaki added that more details about the sanctions are expected to be released later in the day.

This is in addition to the severe and immediate economic sanctions imposed on Russia late Thursday.

“With today’s financial sanctions, we have now targeted all 10 of Russia’s largest financial institutions, including the imposition of full blocking and correspondent and payable-through account sanctions, and debt and equity restrictions, on institutions holding nearly 80 per cent of Russian banking sector assets,” the statement said.

The sanctions are expected to not only impact Russia’s largest financial institutions but to also further isolate Russia from the global financial system.

Additionally, Russia’s largest bank will be cut off from the U.S. financial system, the official said.

“Russia’s ability to access global markets, attract investment, and utilize the U.S. dollar will be devastated,” the White House said.

In a televised briefing, U.S. President Joe Biden, on Thursday, said, “Putin chose this war. And now he and his country will bear the consequences.”

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According to the White House, the sanctions will inhibit Mr Putin’s ambition to exert the kind of influence he wishes to exert on the world.

“The unprecedented export control measures will cut off more than half of Russia’s high-tech imports, restricting Russia’s access to vital technological inputs, atrophying its industrial base, and undercutting Russia’s strategic ambitions to exert influence on the world stage.”

It added that the scale of Mr Putin’s aggression and the threat it poses to international order requires a resolute response, and “we will continue imposing severe costs if he does not change course.”

Al Jazeera reported that Russia’s stock market tumbled to its lowest level in four and a half years on Thursday, and its currency, the rouble, reached a record low versus the greenback.