Biden's latest round of sanctions target Russian banks, billionaires

WASHINGTON (TND) — President Joe Biden is sticking to his policy of responding to Russian President Vladimir Putin's attacks on Ukraine with economic hits.

The new, stricter sanctions target Russia's economy and several wealthy Russians with close ties to the Kremlin.

"Putin is the aggressor. Putin chose this war, and now he and his country will bear the consequences,” Biden said.

The crushing sanctions were announced Thursday, hitting back against Russia's invasion of Ukraine but some say, it's simply not enough to deter Putin.

"At this point, I don’t think there is anything the West can do to prevent Putin from moving forward in the Ukraine,” said David Szakonyi a post-Soviet politics professor at George Washington University.

Thesanctions targetfour top Russian banks and several billionaires, blocking them from the U.S. financial system, freezing their assets. The package also blocks exports on technology limiting advancement in Russia’s military and aerospace sector.

“They're designed to really hurt the Russian economy in a way that potentially increases mass disconsent with Putin’s rule through inflation, through economic difficulties, through unemployment,” Szakonyi said.

Ukraine's foreign minister has called for more action, tweeting, "Everyone who now doubts whether Russia should be banned from SWIFT has to understand that the blood of innocent Ukrainian men, women and children will be on their hands too. BAN RUSSIA FROM SWIFT."

SWIFT is an international banking system that facilitates critical transactions across borders. Some European allies are not prepared to block Russia.

"Dissecting or carving out Russia from the international economy in a really traumatic way and could potentially put a halt to a lot of energy exports and a lot of trading relationships that European countries are now very dependent on,” said Szakonyi.

As Ukrainians flee from cities under attack, many are now counting on America's response.

"If Joe Biden will be tough with Putin, there will be more sanctions, there will be more pressure,” said Alex Klymenok, a resident of Kyiv, Ukraine.

It’s likely that the U.S. will place an embargo on Russian oil and gas — although Biden says it will not raise prices for Americans — sanction nearly all of Moscow’s most important banks and ban flights on any Russian carriers.

It’s also widely expected that the final step in the escalation of sanctions will be reserved for the capture of Kyiv and will personally target Putin’s assets and prohibit the Russian Central Bank’s access to the U.S. dollar.

Biden refused toanswer a question from the press about whether he would sanction Putin directly in future rounds but said he had no plans to talk to the Russian leader.