President Joe Biden said Tuesday that Russia has begun "an invasion" of Ukraine, and he announced sweeping sanctions on the Russian bank VEB.
Highlights
- President Joe Biden says Russia has begun “an invasion” of Ukraine.
- Biden also announced sweeping sanctions on the major Russian bank VEB and its military bank, as well as on the country’s sovereign debt.
- Biden: “You don’t need blood unless you plan on starting a war” The prospect of a war involving Russia, the largest supplier of gas and oil to Europe, has rattled markets and fueled fears of higher oil prices.
- The S&P 500 closed in correction territory on Tuesday, and the Dow Jones Industrial Average dropped 482.57 points, or nearly 1.5%.
- Biden said he would do everything to insulate American consumers from the cost of Russia’s actions.