US, UK, Others Pile ‘Devastating’ Economic Pressure On Russia over the Invasion of Ukraine

US, UK, Others Pile ‘Devastating’ Economic Pressure On Russia over the Invasion of Ukraine

  • President Joe Biden says his economic sanctions against Russia is beginning to take effect on Russian economy
  • He said the sanctions are aimed at limiting Russia from competing in the 21 century economy and limit its ability to trade in major currencies
  • China has largely remained tight-lipped over the invasion as major economies of world are calling Russian president Vladimir Putin to withdraw from Ukraine

The United States President, Joe Biden on Thursday, February 24, 2022, unleashed what he calls a devastating set of sanctions against Russia for the brazen invasion of Ukraine.

Biden said the new sanctions will squeeze the Russian economy and, while it may not deter Putin, who has some allied countries, will force his people to call him to order and make him leave Ukraine.

President Joe Biden and Putin of Russia
President Joe Biden and Putin of Russia
Source: Getty Images

According to Biden during a television address to Americans, said Putin chose the war as he has been building blood banks and hospitals across the border with Ukraine in preparation for the attack that has now claimed lives on both sides.

Biden said:

PAY ATTENTION: Install our latest app for Android, read best news on Nigeria’s #1 news app

“Today, I authorized a new round of sanctions and limitations in response to Putin’s war of choice against Ukraine. We have purposefully designed these sanctions to maximize the long-term impact on Russia – and to minimize the impact on the United States. Today, the United States, along with Allies and partners, is imposing severe and immediate economic costs on Russia in response to Putin’s war of choice against Ukraine. They will have a profound impact on Russia’s economy, financial system, and access to cutting-edge technology."

The US president said the sanctions are already taking effect as the Russian economy is beginning to buckle and the Russian currency, the Ruble is at its weakest ever in history.

He also said, as part of the sanctions, that the US will freeze the accounts of leading banks in Russia and their affiliates and that of some Russian billionaires who are prodding Putin on in the war.

According to Biden, half of the world’s economies are behind the United States and its allies, including the G7 members who have agreed to ply the Russian economy with a multitudinous amount of economic blows.

However, China has been rather tacit as it calls for caution over the invasion and stopped short of calling Putin to order.

China remains the only superpower that has neither condemned nor endorsed Putin’s aggressive push in Ukraine.

Protect yourselves: Embassy tells Nigerians in Ukraine what to do has reported As tensions rise in Ukraine over the Russian military operation, the Nigerian Embassy in Ukraine has told Nigerians resident in the country to be responsible for their personal security and safety.

Many are trapped in the crisis, which global leaders have been unable to resolve despite several threats, sanctions and appeal.

The embassy said this in an advisory issued shortly before Russia invaded Ukraine, Daily Trust reports.


Online view pixel