On Tuesday, United States (US) Secretary of State Antony Blinken announced that he has cancelled his scheduled meeting with Russian Minister of Foreign Affairs Sergey Lavrov in light of Moscow’s decision to officially recognise the independence of the Donetsk People’s Republic (DNR) and Luhansk People’s Republic (LNR), two breakaway territories in the Donbas region of eastern Ukraine. The US also announced another wave of sanctions aimed at Russian financial institutions and elites.
In a joint press conference with Ukrainian Minister of Foreign Affairs Dmytro Kuleba, Blinken pointed out that Russia’s recognition of the DNR and LNR has sharply escalated the crisis in Ukraine, calling the situation the greatest security threat in Europe since the Second World War. He confirmed that the upcoming meeting with Lavrov in Geneva had been cancelled because Russia’s actions are in-effect an invasion of Ukraine and a “wholesale rejection of diplomacy.” Blinken accused Russian President Vladimir Putin of “blatantly and violently” breaking several international laws—including the Minsk Agreements, the Helsinki Final Act, the Budapest Memorandum—intended to ensure peace and stability between Russia and Ukraine.
We welcome Germany's action today to halt certification of Nord Stream 2. We will continue close consultation with Germany and our other Allies and partners on the next steps in response to Russian aggression.
— Secretary Antony Blinken (@SecBlinken) February 22, 2022
US President Joe Biden met Kuleba in a separate meeting, during which he affirmed Washington’s commitment towards Kyiv in the face of Russia’s belligerent military behaviour. Later, Biden told reporters, “Russia will pay an even steeper price if it continues its aggression,” making it clear that Moscow is the aggressor in this situation. Biden asserted that the US and its allies will take steps in unison against Russia, adding, “I’m hoping diplomacy is still available.”
The U.S. is imposing immediate economic costs in response to actions in the Donetsk and Luhansk Regions, including sanctioning major Russian state-owned financial institutions, Kremlin-connected elites, & additional restrictions on Russian sovereign debt.https://t.co/zwKGWVJDd8
— Treasury Department (@USTreasury) February 22, 2022
Washington’s new wave of sanctions, which will be carried out by the US Treasury, include a full blocking of Vnesheconombank and Promsvyazbank, Russia’s largest state-owned banks, which together hold more than $80 billion in assets. According to the US, an embargo on these two banks deals a major blow to the financing of the Kremlin and the Russian military.
The US also announced sanctions on prominent Russian individuals such as Aleksandr Bortnikov, the director of Russia’s federal security service, and Petr Fradkov, the CEO of Promsvyazbank. The White House warned, “No Russian financial institution is safe from our measures,” citing that more than 80% of Russia’s global foreign exchanges and 50% of Russia’s trade happen in US dollars.
Today, @POTUS met with Foreign Minister Dmytro Kuleba of Ukraine to reaffirm the United States’ commitment to Ukraine’s sovereignty and territorial integrity, and to update him on the U.S. response to Russia’s actions. pic.twitter.com/OyHMyBkKfi
— The White House (@WhiteHouse) February 22, 2022
On Monday, Biden issued an initial set of sanctions separate from the “swift and severe economic measures” that the US and its allies have warned about, which target economic activity in DNR and LNR. Tuesday’s sanctions are the first set of aggressive moves that the US and its Allies have carried out against Russia, which include Germany halting the certification of Russia’s Nord Stream 2 pipeline. The US and its European allies have warned that they are prepared to escalate the severity of their response unless Russia undertakes substantive troop withdrawal from the Ukraine border.
Today, I announced the first tranche of sanctions in response to Russia’s actions in Ukraine. And if Russia goes further with this invasion, we stand prepared to take further steps as necessary. pic.twitter.com/8t87wyMq6q
— President Biden (@POTUS) February 23, 2022