“If Russia goes further with this invasion, we stand prepared to go further as with sanctions,” President Joe Biden declared.

“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.”

The sanctions target Russia’s sovereign debt as well as two large Russian financial institutions, including the country’s military bank, Biden said.

“That means we’ve cut off Russia’s government from Western financing. It can no longer raise money from the West and cannot trade in its new debt on our markets or European markets either,” the US president added.

The two banks designated are Russia’s Promsvyazbank, the bank of the armed forces, and Kremlin-controlled VEB bank, the nation’s development bank. Together the two banks hold $80 billion in assets, a senior administration official said in a call with reporters after Biden announced the sanctions.

The United States also sanctioned Aleksandr Bortnikov, the head of Russia’s Federal Security Service (FSB); Kremlin First Deputy Chief of Staff Sergei Kirienko and Promsvyazbank CEO Pyotr Fradkov. Their families have also been sanctioned.

French Foreign Minister Jean-Yves Le Drian said on February 22 that the foreign ministers of the EU nations “unanimously agreed on an initial sanctions package” during a meeting in Paris.

Le Drian told reporters that Russia had violated international law and breached its commitments.

“None of us, none of us should be fooled,” the president said. “None of us will be fooled. There is no justification. Further Russian assault in Ukraine remains a severe threat in the days ahead.”