Russia pledges strong response against US sanctions over Ukraine aggression

The United States has imposed severe sanctions on Russia over its aggression in Ukraine, which was criticised by Moscow. The Kremlin has pledged a strong response to US President Joe Biden's announcement of a slew of new sanctions targeting Russian banks and individuals. As per a report by Radio Free Europe, the Russian Foreign Ministry issued a statement on February 23 saying that there should be no doubt that sanctions will be met with a strong response.

The US launched sanctions on Russia after President Vladimir Putin, on Monday, February 21, recognised Ukraine's breakaway regions, Donetsk and Luhansk as independent republics. The White House announced on February 22 that a prospective summit between President Joe Biden and Russian President Vladimir Putin was off the table, for the time being, further dampening hopes for a diplomatic solution to the issue.

Western allies impose sanctions on Russia

Other Western allies, including the European Union, the United Kingdom, Australia, Canada, and Japan, have also imposed sanctions on Moscow. The US has stated that it is prepared to withhold technology and resources in response to additional Russian aggression. Biden said that the sanctions include blocking two Russian banks, as well as preventing Moscow from accessing Western financial institutions, according to Radio Free Europe.

President Biden also declared that Moscow's actions against Ukraine were illegal under international law. Russia's Promsvyazbank, which is the military forces' bank and the Kremlin-controlled VEB bank are the two banks that have been targeted. Aleksandr Bortnikov, the head of Russia's Federal Security Service (FSB), Sergei Kirienko, the Kremlin's First Deputy Chief of Staff, and Pyotr Fradkov, the CEO of Promsvyazbank, were also sanctioned by the US.

If the invasion advances, the official has stated that Washington is prepared to retaliate against Russia's largest financial institutions, including Sberbank and VTB, which together hold more than $750 billion in assets, accounting for more than half of all Russian bank assets.

Kyiv expects Western allies to impose more sanctions

Prior to Putin's order on February 21 to send soldiers into separatist territories, Moscow had rejected any plans to invade Ukraine, claiming that the forces were needed to keep the peace and protect people.

In statements made on February 23, Ukrainian President Volodymyr Zelenskyy said that he and his army were prepared to stand against any possible movements by Russia or Russia-backed separatists, according to Radio Free Europe. He also stated that he expects Kyiv's Western allies to impose more sanctions on Russia in response to Ukraine's actions.

(Image: AP)