US President Joe Biden on February 22 while addressing the Russia and Ukraine conflict during a Press Conference at the White House in Washington, announced the new sanctions against Russia, and said that the US will continue to provide defensive assistance to Ukraine.

“We're implementing full blocking sanctions on two large financial institutions, VEB and Russia’s military bank. We are implementing sanctions on Russia's sovereign debt. We have cut off Russia’s government from western financing. We will impose sanctions on Russia's elites,” the US President said.

“Who in the Lord’s name does Putin think gives him the right to declare the new so-called 'countries' on the territory that belonged to his neighbour? The US will continue to provide defensive assistance to Ukraine,” he added.

The announcement came after President Vladimir Putin recognised the independence of breakaway regions Donetsk and Luhansk and ordered Russian troops there.