The United States government has imposed on sanctions and limitations on Russia, in other to limit their resources.
US President Joe Biden states that he has authorized strong sanctions on what can be exported to Russia, which would impose severe costs on Russian economy both immediately and over time.
He said Russian banks holding around $1 trillion in assets has also been sanctioned, as well as Russia's largest bank.
Biden, while noting that every other Russia asset in America will be frozen, stated that the sanctions will also affect Russian elites and their family members.
"These are people who personally gain from the Kremlin’s policies — and they should share in the pain," he said.
The President said on Tuesday, February 22, they stopped Russian government from raising money from US or European investors, adding that the same restriction will be applied to Russia's largest state-owned enterprises — companies with estimated assets of $1.4 trillion.
"Some of the most powerful impacts of our actions will come over time as we squeeze Russia’s access to finance and technology for strategic sectors of its economy. Along with our Allies and partners, we estimate we will cut off more than half of Russia’s high-tech imports, he said.
Source: www.clintonsdaily.com
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