Biden says “Putin chose this war,” hits Russia with new sanctions [Video]

WHAT YOU NEED TO KNOW:

• President Joe Biden ordered a new set of sanctions against Russia, saying the country will bear the consequences of its attack on Ukraine.
• Biden said, “Putin is the aggressor” and that “Putin chose this war.”
• The president said “As long as we remain resolved, it’s unlikely the war will be long-term.”

President Joe Biden ordered a new set of sanctions against Russia on Thursday after its full-scale attack on Ukraine. Biden said that Russian President Vladimir Putin “chose this war” and his country will bear the consequences.

The president said the U.S. and its allies will block assets of four large Russian banks, impose export controls and sanction oligarchs.

Biden also announced the deployment of around 7,000 US troops to Germany to support NATO after the invasion. Ukraine is not a member of the defense organization.

The penalties fall in line with the White House’s insistence that it would hit Russia’s financial system and Putin’s inner circle. Export controls will be imposed, aiming to starve Russia’s industries and military of U.S. semiconductors and other high-tech products.

“Putin is the aggressor,” Biden said. “Putin chose this war, and now he and his country will bear the consequences.”

Oil and natural prices have already surged over concerns that Russia — an energy production behemoth — will slow the flow of oil and natural gas to Europe. Biden, however, acknowledged the sanctions are “going to take time” to have their effect on the Russian economy.

He also acknowledged that the invasion — and efforts to thwart Putin—will have a cost for Americans. But he sought to reassure that the economic pain that may come with rising energy prices will be short-lived for them.

As for Putin, he said, “He’s going to test the resolve of the West to see if we stay together, and we will.”

The Biden administration, however, has shown some reluctance to cut Russia from SWIFT, at least immediately, because of concerns the move could also have enormous ramifications for Europe and other Western economies. Biden, answering questions from reporters, appeared to push a decision on SWIFT to European allies.

“It is always an option but right now that’s not the position that the rest of Europe wishes to take,” Biden said. He also contended that the financial sanctions he announced would be more damaging to Russia.

Senate Republican leader Mitch McConnell expressed support Thursday and also urged Biden to apply maximum pressure on Putin.

“We’re all together at this point and we need to be together about what should be done,” McConnell said. “But I have some advice: Ratchet the sanctions all the way up. Don’t hold any back.”

The sanctions include targeting Russia’s two largest banks, Sberbank and VTB Bank. The U.S. Treasury Department says the sanctions overall “target nearly 80 percent of all banking assets in Russia and will have a deep and long-lasting effect on the Russian economy and financial system.”

Source: AOL