Biden to unveil ‘further consequences’ over Russian attack
(NewsNation Now) — President Joe Biden has pledged new sanctions to punish Russia for the “unprovoked and unjustified attack" on Ukraine.
Biden already convened a morning meeting Thursday of his National Security Council in Washington to assess the situation.
He is also currently meeting with his counterparts from the Group of Seven allies to map out more severe measures against Russia. The president is expected to make an update to the nation at 12:30 EST.
NewsNation will livestream Biden's remarks in the video player at the top of the page.
The specific nature of the new round of sanctions was not immediately clear, but the White House has indicated that future penalties could target larger banks, including Russia’s VTB Bank, as well as additional Russian oligarchs.
The Biden administration has also threatened to impose export controls that would prevent Moscow from acquiring key U.S. technologies.
Biden announced heavy financial sanctions against Russian banks and oligarchs, declaring that Moscow had violated international law earlier this week.
The goal is to make Moscow pay so high a price that the Kremlin will change course.
European Commission President Ursula von der Leyen threatened to hit the Russian elites with “massive and targeted sanctions," saying she would put to EU leaders late Thursday a proposal that would target strategic sectors of the Russian economy by blocking access to key technologies and markets.
She said the sanctions, if approved, “will weaken Russia’s economic base and its capacity to modernize. And in addition, we will freeze Russian assets in the European Union and stop the access of Russian banks to European financial markets.”
“We want to cut off Russia’s industry from the technologies desperately needed today to build the future,” von der Leyen said.
The consequences of the conflict and resulting sanctions on Russia started reverberating throughout the world.
Stocks tumbled worldwide Thursday after Russia’s attack sent fear coursing through markets and upped the pressure on the high inflation already hurting people and businesses around the world.
The S&P 500 sank 1.6% to continue its dismal start of the year. It’s now down almost 14% from the record high it set in early January. European markets sank even more, with the German DAX down nearly 5%. Bond yields fell as investors sought safety and the price of oil soared toward $100 a barrel. The conflict could send prices spiraling even higher at gasoline pumps and grocery stores everywhere.
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