Joe Biden Announces “Severe” Sanctions Following Russian Invasion On Ukraine: “This Aggression Cannot Go Unanswered”

Joe Biden said that the U.S. and its allies are unleashing a new set of sanctions against Russia following the invasion of Ukraine, insisting that the economic punishment “exceed anything that’s ever been done.”

“This aggression cannot go unanswered,” Biden said in his speech from the White House, his first public remarks since Vladimir Putin ordered military action on Russia’s neighbor.

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“If it did, the consequences for America would be much worse. America stands up to bullies. We stand up for freedom. This is who we are.”

Biden said that Russian banks, holding around $1 trillion in assets, have been sanctioned, including the country’s largest bank.

“That means that every asset that they have will be frozen,” he said. The sanctions also include limitations on what can be exported to Russia.

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“We have purposely designed these sanctions to maximize a long-term impact on Russia, and to minimize the long-term impact on the United States and our allies,” he said.

The Russian invasion has already triggered a rise in oil prices, and Biden said that “he would do everything in my power to limit the pain that the American people are feeling at the gas pump.”

Biden reiterated that although the U.S. has been providing military assistance to Ukraine, U.S. forces will not be engaged in the conflict. Rather, he said, U.S. forces are being sent to Europe to defend NATO allies and “to reassure those allies in the East.”

Reporters peppered Biden with questions, mainly focused on whether the sanctions are enough, given that the threat of the economic measures did not deter Russia.

“This is going to take time. This is not going to occur [where Putin says] ‘Oh my God, these sanctions are coming, I am going to stand down. He’s going to test the resolve of the West to see if we stand together, and we will. We will, and we will impose significant costs on him.”

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Biden said that Putin, in his speech earlier on Thursday, showed that his motive for the invasion was not about protecting Russia’s security.

“He has much larger ambitions than Ukraine. He wants to reestablish the former Soviet Union. That’s what this is all about,” Biden said.