- This is a flagrant violation of international law
- We are prepared to go further if Putin goes further
- Notes that Putin said today that he will go further than separatist-held areas
- As promised, Nord Stream 2 will not move forward
- Russia will pay a steeper price if it moves forward
- US imposing full blocking sanctions on two Russian banks (VEB and Military Bank)
- Imposing sanctions on Russian elites and family members
- Will implement sanctions on on Russian sovereign debt
- Says he still believes Russia plans a deeper invasion (but says he hopes he's wrong)
These sanctions aren't a big deal. We're seeing a bounce in risk assets.
If Russia doesn't go further into Ukraine, this is the extent of it. Obviously, Biden believes this is just the start and no one really knows. That's the state of play right now.
We will go back to watching what happens on the ground. Putin said Ukraine has 60,000 soldiers near Donbas so we'll have to wait and see what they do.
WTI crude oil is up $1.15 to $92.22 but well off the high of $95.96.
