Biden Says Russia to Face Consequences for Attack: 'Putin Is the Aggressor'

Biden denounced Russia’s “brutal assault” in a “premeditated attack” on Ukraine in a speech Thursday from the East Room of the White House and said he would impose a “severe cost on the Russian economy.”

The U.S. is implementing export controls designed to cut Russia off from semiconductors and other advanced technology crucial to the military, biotechnology, and aerospace industries. Rules allow the U.S. to restrict exports to Russia from anywhere in the world using American technology, including software.

Biden also announced that the U.S. would be sanctioning Sberbank – Russia’s largest lender – and four other financial institutions that represent an estimated $1 trillion in assets, as well as a broad swath of Russian elites and their family members. The sanctions didn’t appear targeted at Russian energy, aluminum, and wheat industries after the White House said it hoped to minimize the impact of the penalties on American consumers.

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