The Kremlin said on Friday that Russia plans to impose retaliatory sanctions on Western nations on the basis of reciprocity, one day after the U.S. and European Union hit Moscow with a slew of financial penalties designed to cripple its economy.
, with Russian forces targeting airfields and military depots across the country. Dozens of Ukrainian soldiers and Russian troops were killed in the battle, as well as civilians.
"Putin is the aggressor. Putin chose this war. And now he and his country will bear the consequences," Biden said when laying out the sanctions, which he said would "impose severe cost on the Russian economy, both immediately and over time."But the president notably omitted some of the most severe potential sanctions, including cutting off Moscow from the SWIFT payment system, which allows for the transfers of money from bank to bank around the globe.
"There is more that we can and should do," said Sen Bob Menendez, D-N.J., the chairman of the Foreign Relations Committee. He also floated the possibility of removing Russia from the SWIFT system. "Congress and the Biden administration must not shy away from any options." President Biden delivers remarks about Russia's"unprovoked and unjustified" military invasion of neighboring Ukraine in the East Room of the White House.
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