US President Joe Biden has introduced he was ordering heavy monetary sanctions towards Russian banks and oligarchs, declaring that Moscow had flagrantly violated worldwide legislation in what he known as the "starting of a Russian invasion of Ukraine".
"None of us might be fooled" by Russian President Vladimir Putin's claims about Ukraine, the US President mentioned.
"Who within the Lord's identify does Putin assume he's to declare new international locations? It is a flagrant violation of worldwide legislation."
And he mentioned extra sanctions may very well be on the way in which if Mr Putin proceeds additional.
Mr Biden mentioned he was additionally transferring extra US troops to the Baltic states on NATO's jap flank bordering Russia.
LIVE UPDATES:Russian troops enter rebel-held areas of Ukraine
Mr Biden joined the 27 European Union members who unanimously agreed on Tuesday to levy their very own preliminary set of sanctions concentrating on Russian officers over their actions in Ukraine.
Mr Biden introduced the US would impose sanctions towards Russian monetary establishments, which he mentioned may very well be ratcheted up.
"I'll start to impose sanctions in response, far past the steps we and our allies and companions carried out in 2014. If Russia goes additional with this invasion we stand ready to go additional as with sanctions," Mr Biden mentioned.
The US President mentioned new financial sanctions would goal two main Russian monetary establishments.
"We're implementing full blockage sanctions on two massive Russian monetary establishments - VEB and their navy financial institution.
"We're implementing sanctions on Russian sovereign debt. Meaning we now have lower off Russia's authorities from Western financing. It could possibly not increase cash from the West and can't commerce in its new debt on our markets or European markets both."
Mr Biden mentioned US sanctions would goal Russia's elites and their relations.
He additionally pledged to work with Germany to cease the constructing of the controversial Nord Stream 2 gasoline pipeline from Russia.
"Due to Russia's actions we have labored with Germany to make sure that Nord Stream 2 won't, as I promised, won't transfer ahead."
Mr Biden pledged his administration was utilizing "each instrument at our disposal" to restrict the impact of sanctions towards Russia on home gasoline costs, acknowledging that People will seemingly see rising costs on the pump within the coming months.
"As I mentioned final week, defending freedom may have prices, for us as nicely and right here at residence," Mr Biden mentioned.
"We must be sincere about that. However as we do that, I'll take sturdy motion to ensure the ache of our sanctions is focused on the Russian economic system, not ours."
UK sanctions to hit banks, people
UK Prime Minister Boris Johnson earlier unveiled the "first tranche" of British sanctions on Russia, condemning Mr Putin's Ukraine aggression and saying Europe should "brace ourselves" for his subsequent steps.
Mr Johnson advised British MPs that individuals "will battle to know or to ponder how, within the yr 2022, a nationwide chief may calmly and intentionally plot the destruction of a peaceable neighbour."
"But the proof of his personal phrases recommend that's precisely what President Putin is doing," he mentioned.
The UK will sanction 5 Russian banks and three "very excessive web value" people, Mr Johnson mentioned in Parliament.