US President Joe Biden announced imposing new sanctions on Russia over its invasion of Ukraine, The sanctions included banning a lot of foodstuffs, oil, and other items.
Biden said on Friday: We have imposed a ban on imports of Russian non-industrial diamonds, seafood and vodka in the latest response to Russia’s war in Ukraine. He pointed out that Washington would cut off shipments of luxury goods to Russia, and he will further tighten sanctions on oligarchs and their families.
Biden stressed that there is a prelude to more economic sanctions by Western allies, by canceling Russia’s status as a trading partner, and preventing Russia from obtaining financing from the leading multilateral financial institutions, including the International Monetary Fund, the World Bank.
Biden indicated that these steps are considered as will be another crushing blow to the Russian economy.
The European Union countries have previously imposed harsh sanctions on Russia over its invasion of Ukraine on February 24, but Russia is insisting on military action, and does not care about the sanctions imposed on it.
Earlier, Russian President Vladimir Putin described Western sanctions on banks and the oligarchs as a declared war, and the Kremlin threatened to nationalize factories in which work has been suspended.