- US sanctions hit the inner circle of Russian President Vladimir Putin.
- Sanctioned Russian banks, VEB and Promsvyazbank, hold $80B in assets and finance Russian defense..
- Sanctions outlined Tuesday are just the beginning, the White House said.
WASHINGTON – President Joe Biden on Tuesday announced biting U.S. sanctions on Moscow in the wake of Russian President Vladimir Putin's decision to send troops into two regions in eastern Ukraine, which Biden denounced as a "flagrant violation of international law."
Biden said the first wave of U.S. penalties includes "full blocking sanctions" on two major Russian financial institutions, as well as on the country's sovereign debt.
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