Biden announces first tranche of Russia sanctions, targets banks and debt

U.S. President Joe Biden provides an update on Russia and Ukraine during remarks in the East Room of the White House in Washington, U.S., February 22, 2022. REUTERS/Kevin Lamarque

U.S. President Joe Biden on Tuesday announced the first wave of sanctions against Russia for what he said was the beginning of an invasion of Ukraine, and vowed steeper punishments ahead if Russia continues its aggression.

The sanctions, among others things, target Russian banks and sovereign debt.

U.S. President Joe Biden provides an update on Russia and Ukraine during remarks in the East Room of the White House in Washington, U.S., February 22, 2022. REUTERS/Kevin Lamarque

(Reporting By Jarrett Renshaw; Editing by Chizu Nomiyama)