5 things to know Wednesday


Sanctions against Russia will go into effect 

President Joe Biden said Russia’s actions in Ukraine will trigger massive sanctions, a response he has been threatening for weeks as President Vladimir Putin built up troops on Ukraine’s borders. Biden announced financial sanctions on banks and Russian officials close to Putin and their sons as punishment for what he called “the beginning of a Russian invasion of Ukraine.” He said the U.S. would impose “full blocking” on two large Russian financial institutions and “comprehensive sanctions” on Russian debt. “That means we’ve cut off Russia’s government from Western finance,” Biden said. “It can no longer raise money from the West and cannot trade in its new debt on our markets or European markets either.” The sanctions also block the newly built Russia-to-Germany Nord Stream 2 natural gas pipeline which is not yet in operation. Additional sanctions will be put in place if Russia moves further into Ukraine, Biden said. 



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