US President Joe Biden announced a new package of sanctions against Russia, citing Moscow's recognition of the two breakaway territories in Eastern Ukraine as a prelude to Russia's invasion of its neighbour.
In a brief speech Tuesday, Biden condemned President Vladimir Putin's decision to recognize the independence of Luhansk and Donetsk and allow the deployment of Russian troops to "maintain the peace" in the region.
"If Russia goes further with this invasion, we are ready to go further with sanctions," Biden said, as quoted by Al Jazeera.
"Who in the name of God according to Putin gave him the right to declare a so-called new state on the territory that belongs to his neighbor?" the US president said.
"This is a flagrant violation of international law and demands a firm response from the international community."
Putin gets green light to deploy military to Eastern Ukraine
The sanctions target Russia's sovereign debt as well as Russia's two major financial institutions, including the country's military bank, Biden revealed.
“That means, we have cut off the Russian government from Western financing. They can no longer raise money from the West and cannot trade their new debt in our markets or Europe," he said.
Not only that, “We will also impose sanctions on the Russian elite and their family members. They share the corrupt profits of Kremlin policies and must share the pain too," Biden said.
"This is the beginning of Russia's invasion of Ukraine, as he (Putin) pointed out and asked permission to be able to do so from the Duma (Lower House of the Russian Parliament)," he said.
Putin was given the green light from Russia's Upper House of Parliament on Tuesday (22/2) to deploy the military to two separatist-held areas of eastern Ukraine for what he said was a "peacekeeping" mission.
Inflaming the crisis with the West, members of Russia's Upper House of Parliament voted in favor after Putin asked for permission to deploy troops abroad. The move came after Moscow recognized the independence of two regions in eastern Ukraine on Monday (21/2).
The decision took effect immediately, according to member of Parliament Andrei Klishas.
"By approving the use of armed forces abroad, we consider them to be peacekeepers, troops designed to maintain peace and stability in the republic (which is self-proclaimed in Eastern Ukraine)," said Valentina Matvienko, Speaker of the Upper House of the Russian Parliament. quoted by Reuters.
When members of the Russian Parliament met to discuss the planned military deployment, the Kremlin announced that Putin had ratified friendly treaties with the Donetsk People's Republic and the breakaway Lugansk People's Republic in Eastern Ukraine.
Russia says ratification of the treaty allows it to build military bases in the two regions, deploy troops, agree on a common defense posture and tighten economic integration.
