President Joe Biden says the United States is imposing a “first tranche” of sanctions on Russia in response to its military escalation against Ukraine, writes MIA.

Biden said the sanctions target two large Russian financial institutions and Moscow’s access to Western financing, as well as Russian oligarchs. He said the US is “prepared to go further with sanctions” should Russia expand its aggression against its neighbour.

Russian President Vladimir Putin dramatically escalated tensions with the West on Monday by recognizing the independence of Ukraine’s pro-Russia breakaway regions of Donetsk and Luhansk. He then ordered troops to enter, claiming they would carry out peacekeeping duties.

“This is the beginning of a Russian invasion of Ukraine,” Biden said in justifying the move. “We still believe that Russia is poised to go much further in launching a massive military attack against Ukraine.”