US President Joe Biden delivered an address on Russia's threats against Ukraine Tuesday and explicitly called Russia's actions an invasion and announced the application of sanctions against Russian banks and elites in response.
“This is the beginning of a Russian invasion of Ukraine,” Biden said, warning that Russian President Vladimir Putin was “setting up a rationale to go much further” in his actions against Ukraine.
Biden accused Putin of attacking Ukraine's very right to exist as an independent state and of using false pretexts to justify military action.
Biden said that he would enact the “first tranche” of sanctions against Russian banks, its sovereign debt, and elites in response to the invasion. The sanctions will cut Russia off from western financing and trading in US and European markets.
In addition, he stated that the US and Germany would ensure that the Russian Nord Stream 2 pipeline would not be able to operate.
"Russia will pay an even steeper price if it continues its aggression, including additional sanctions," Biden warned.
He asked: "Who in the lord's name does Putin think gives him the right to declare new so-called countries on territory that belongs to his neighbors? This is a flagrant violation of international law and demands a firm response from the international community."
He said that Americans would pay more for fuel as a result of the conflict and sanctions but his administration would act to protect consumers and producers of energy.
“Defending freedom will have costs for us as well and here at home. We need to be honest about that,” he said. “But as we do this, I’m going to take robust action to make sure the pain of our sanctions is targeted at the Russian economy, not ours.”
Biden's address came after Putin on Monday evening ordered his defense ministry to dispatch peacekeepers to Donetsk and Luhansk, eastern Ukraine's two breakaway regions, Reuters reported.
The order came hours after Putin signed an order recognizing the independence of pro-Russian separatist groups in eastern Ukraine, further raising fears that he intends to launch a military invasion of Ukraine.