In a brief speech , Biden condemned his Russian counterpart Vladimir Putin’s decision to recognize the independence of Luhansk and Donetsk and to authorize the deployment of Russian troops to “maintain peace” in the regions.
The sanctions target Russia’s sovereign debt as well as two large Russian financial institutions, including the country’s military bank, Biden said.
On Monday, Putin recognized the self-proclaimed Donetsk People’s Republic and Luhansk People’s Republic areas that have seen fighting between Moscow-backed separatists and the Ukrainian government since 2014.
Moscow then signed agreements with the territories that would allow it to establish a military presence in eastern Ukraine.