On Thursday, USA President Joe Biden imposed “severe” economic sanctions against Russian President Vladimir Putin, declaring him a “pariah” for invading Ukraine and stating that he had no plans to meet with his counterpart. He also admitted that there was a lack of Western unity in executing a tougher measure.
Biden stated in a White House speech that Western powers would impose sanctions on four major banks and that export curbs on sensitive elements would "cut off more than half of Russia's high-tech imports."
“This is going to impose severe cost on the Russian economy, both immediately and over time,” Biden added.
The sanctions, which come on top of one of the many other measures imposed this week, will make Putin “a pariah on the international stage,” as per Biden.
“Any nation that countenances Russia’s naked aggression against Ukraine will be stained by association,” he stated.
For the time being, Biden confirmed that there will be no direct penalties against Putin, who is generally known to have acquired a vast, secret fortune over his two decades in power.
He also stated that a much-discussed proposal to remove Russia from the SWIFT international payments system, thus crippling the country’s banking sector, would not occur.
On Thursday, Ukraine appealed for Russia to be removed from SWIFT, but Biden acknowledged that the Western coalition was unable to reach an agreement.
“It is always an option but right now that’s not the position that the rest of Europe wishes to take,” he stated.
G7 has come together
The group of wealthy Western democracies — the United Kingdom, Canada, France, Germany, Italy, Japan, and the United States — declared that Russia’s “threat to the rules-based international order” is unacceptable.
Joe Biden tweeted that G7 leaders "agreed to move forward on devastating packages of sanctions and other economic measures to hold Russia to account. We stand with the brave people of Ukraine."
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