"President Biden today announced a new round of sanctions on Russia after President Vladimir Putin’s invasion of Ukraine but said the penalties are intended to skirt impacts to the energy sector.
“In our sanctions package, we specifically designed to allow energy payments to continue. We are closely monitoring energy supplies for any disruption,” Biden said in a speech from the White House this afternoon. “We’ve been coordinating with major oil-producing and -consuming countries toward our common interest to secure global energy supply.”
Biden nonetheless said the sanctions from the U.S. and its allies would be “severe.” They penalize four major Russian banks, including VTB, Russia’s second largest, freezing their American assets. The sanctions will cut off major Russian state-owned companies, penalize additional Russian billionaires and restrict access to technology exports, Biden said."