In a speech at the White House today, whose content bore no resemblance to the reality of what is taking place in Ukraine or why President Putin has acted as he has, President Biden announced a new round of “sweeping financial sanctions and export controls” to be imposed on Russia for Putin’s “unprovoked aggression” against Ukraine. He charged that Putin was acting on the basis of a “made up threat,” that there was “never a genuine security concern” for Russia, and that its actions are “all about empire.” Putin wants to reconstitute the Soviet Union, Biden charged, adding that he is “unleashing pain” on the innocent Ukrainian people, and that he will soon “be a pariah on the world stage.”
Biden claimed that this new round of sanctions will cripple the Russian economy, imposing “severe costs” on its largest financial institutions and further isolate Russia from the global financial system. Because these sanctions are being imposed “with our allies and partners,” Biden argued, they will have an even greater impact. After all, he said, the “coalition” of democracies that is standing up to the “bully” Putin represents at least one-half of the global economy, and thus the impact of the sanctions will be amplified. Russia’s ability to do business in the dollar, the euro, the yen, and other currencies will be severely limited, he added, gloating that the Russian stock market had plummeted this morning and that the ruble had its “weakest level ever.” One more large bank, VTB bank, will be sanctioned, he added, along with state enterprises.
Moreover, he added, the unprecedented export-control measures applied, will cut off “more than half of Russia’s high-tech imports,” restricting its access to vital technological inputs, “atrophying its industrial base and undercutting Russia’s strategic ambitions to exert influence on the world stage.” He did reiterate that no U.S. troops will be sent to Ukraine to fight Russians, but reported that all other NATO countries will enjoy additional support—more U.S. troops are going to Germany, and “every inch” of NATO territory will be defended should Putin extend his aggression beyond Ukraine.
