The new restrictions will affect Russian banks, which together have $1 trillion in US assets, the American leader noted.
The US authorities are introducing tough new sanctions against Russia because of the attack on Ukraine, reports the Chronicle.info with reference to the Correspondent.
«Today, I am authorizing powerful new sanctions and export restrictions against Russia. This will create large costs for the Russian economy immediately and over time. We deliberately structured them in such a way that they would affect Russia and have minimal impact on the United States and our allies», Biden said.
According to him, the United States and its allies will limit Russia's ability to conduct operations in solid currency.
«I spoke with G7 partners today. We will limit Russia's ability to do business in dollars, euros, pounds and yen, to be part of the global economy. We will stop opportunities to finance and develop the Russian military,” he said.
According to Biden, sanctions will be imposed on a number of large Russian banks, including Sberbank, Gazprombank, Otkritie Bank, Sovcombank and Novikombank. Their assets, worth about $1 trillion, will be frozen.
«Our actions and those of our allies will reduce Russia's ability to export high-tech exports by almost half. This will damage the ability to create space and other developments and limit long-term strategic ambitions», Biden emphasized.
He assured that the sanctions would also apply to members of the Russian elite.
« ;As we promised, we will add the names of the Russian elite, as well as their family members, to the list of people who will be sanctioned. As I said on Tuesday, these are people who have personally benefited from the policies of the Kremlin, and they should share the suffering,” Biden said and added that the United States will prepare for further sanctions against Russia.