Russian envoy to US claims sanctions will hurt global markets and ‘ordinary Americans’

President Joe Biden described events now underway in Ukraine as “the beginning of a Russian invasion” as he unveiled tough new sanctions to punish Moscow on Tuesday.

He laid out what he called a “first tranche” of US sanctions against Russia for its moves, including on two large financial institutions, Russian sovereign debt and Russian elites and their family members. He said the moves would effectively “cut off Russia’s government from Western finance.”

Biden also announced he was moving additional troops and equipment to “strengthen” US allies in the Baltic nations on NATO’s eastern flank, but made clear they would not be there to “fight Russia.”

The President held out the possibility that diplomacy could still defuse the crisis, and said the US would remain open to talking with Russia and its partners to avert all-out war. “The United States and our allies and partners remain open to diplomacy, if it is serious,” he said. “When all is said and done, we’re going to judge Russia by its actions, not its words.”

Still, Biden made plain his view that Putin was launching a bid to fundamentally redraw borders in Europe, violating international laws and putting pressure on the West to respond.

“Who in the Lord’s name does Putin think gives him the right to declare new so-called countries on territory that belonged to his neighbors? This is a flagrant violation of international law and demands a firm response from the international community,” Biden said.

Biden said Putin’s remarks a day earlier were “setting up a rationale to take more territory by force, in my view.”

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