Washington: US President Joe Biden announced the first tranche of sanctions against Russia on Tuesday. US sanctions including steps to starve the country of financing, saying Moscow had started an invasion of Ukraine. He threatened tougher steps if Russia continues its aggression.

Today, I announced the first tranche of sanctions in response to Russia’s actions in Ukraine. And if Russia goes further with this invasion, we stand prepared to take further steps as necessary. pic.twitter.com/8t87wyMq6q

— President Biden (@POTUS) February 23, 2022

US President said that we’re implementing sanctions on Russia’s sovereign debt. That means we’ve cut off Russia’s government from Western financing. It can no longer raise money from the West and cannot trade in its new debt on our markets or European markets either, he added. The measures also target VEB, Russia’s state development bank, and members of the country’s elites, said Joe Biden.

The announcement came after the European Union unveiled its own sanctions in a coordinated Western effort to pressure Russian leader Vladimir Putin. US President said the responses have been closely coordinated with our allies and partners” and added. We’ll continue to escalate sanctions if Russia escalates. US President Joe Biden announced full blocking sanctions on both VEB and Russia’s military bank, which likely means the institutions will have their foreign assets frozen and will be prohibited from using the US financial system.