Biden: "Today I'm authorizing additional strong sanctions and new limitations on what can be exported to Russia." Says "we have purposefully chosen these sanctions to maximize the long-term impact on Russia."
"We will limit Russia's ability to do business in dollars, euros, pounds and yen to be part of the global economy. We're going to stop the ability to finance and grow the Russian military. We're going to impair their ability to compete in a high-tech 21st century economy."
NEW: Biden says, "today we're also blocking four more major banks. That means every asset they have in America will be frozen. This includes VTB, the second largest bank in Russia, which has $250 billion in assets."
"Between our actions and those of our allies and partners, we estimate that we'll cut off more than half of Russia's high-tech imports," Biden says. "We'll strike a blow to their ability to continue to modernize their military...
...It will degrade their aerospace industry, including their space program. It will hurt their ability to build ships, reducing their ability to compete economically. And it will be a major hit to Putin's long-term strategic ambitions."
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