hit 'em where it hurts
U.S. plans to impose new sanctions against Russia on Tuesday
The United States intends to announce on Tuesday new sanctions against Russia, in response to Moscow sending forces to the self-proclaimed Donetsk People's Republic and Luhansk People's Republic, two breakaway regions of Ukraine.
Russian President Vladimir Putin signed a decree on Monday recognizing the areas as independent states. In response, Ukraine requested an emergency meeting of the United Nations Security Council, and at its conclusion, U.S. Ambassador to the U.N. Linda Thomas-Greenfield confirmed that the United States will impose sanctions against Russia "for this clear violation of international law and Ukraine sovereignty and territorial integrity. We can, will, and must stand united in our calls for Russia to withdraw its forces, return to the diplomatic table, and work toward peace."
Before the Security Council meeting, President Biden signed an executive order that bars Americans from trading and investing in the breakaway regions.
The Biden administration did not reveal on Monday night what sanctions might be imposed. Over the weekend, three people with knowledge of the matter told Reuters there is a sanctions package ready to be implemented should Russia invade Ukraine, and one of the measures prohibits U.S. banks from processing transactions for Russia's largest financial institutions.
British Prime Minister Boris Johnson also plans to sign off on sanctions against Russia on Tuesday, with a spokesperson telling The Guardian they will be "significant." The United States, United Kingdom, and European Union are coordinating their sanctions in yet another attempt to dissuade Putin from a full invasion of Ukraine.