Key points from Joe Biden’s Ukraine update

President Joe Biden announced on Tuesday the United States would implement sanctions on Russia.

The first set of sanctions would target two large Russian banks and Russia’s sovereign debt in response to its invasion of Ukraine, calling it “a flagrant violation of international law”.

The president also announced that the US was imposing sanctions against VEB.RF and Russia’s “military bank”.

The sanctions against Russian sovereign debt, he said, would “cut off Russia's government from Western financing” so Moscow could no longer raise capital from the West, nor trade new debt in US or European markets.