President Biden: We’re implementing full blocking sanctions on two large Russian financial institutions, Russian sovereign debt, Russia’s elites and their family members

President Joe Biden called the current events in Ukraine "the beginning of a Russian invasion" and spoke of new sanctions.

"We’re implementing full blocking sanctions on two large Russian financial institutions: V.E.B. and their military bank.

We’re implementing comprehensive sanctions on Russian sovereign debt. That means we’ve cut off Russia’s government from Western financing. It can no longer raise money from the West and cannot trade in its new debt on our markets or European markets either.

Starting today and continuing in the days ahead, we will also impose sanctions on Russia’s elites and their family members. They share in the corrupt gains of the Kremlin policies and should share in the pain as well.

And because of Russia’s actions, we’ve worked with Germany to ensure Nord Stream 2 will not — as I promised — will not move forward," Biden stated.

As President Biden noted, if Russia goes further with this invasion, the US stands prepared to go further as with sanctions.