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US President Joe Biden is imposing “additional strong sanctions” on Russia in the wake of the Ukrainian invasion.

“Today, I’m authorising additional strong sanctions and new limitations on what can be exported to Russia,” he said.

“This is going to impose severe cost on the Russian economy, both immediately and over time.”

President Biden said the sanctions – made in conjunction with a “coalition of partners” – limit Russia’s ability to “finance and grow the Russian military”.

“With today’s actions, we’ve sanctioned Russians banks which hold about $1 trillion in assets,” he said.

“We’ve cut off Russia’s largest bank, a bank which holds more than one-third of Russia’s banking assets by itself – cut it of from the US financial system.”