US President Biden: United States and our allies and partners will be imposing severe sanctions on Russia

Having initially promised “further consequences” for Russia, due to Moscow’s military attack on Ukraine, US President Joe Biden tweeted, “Tomorrow, I will be meeting with the Leaders of the G7, and the United States and our Allies and partners will be imposing severe sanctions on Russia.”

More tweets

We will continue to provide support and assistance to Ukraine and the Ukrainian people.

President Zelenskyy reached out to me tonight and we just finished speaking. I condemned this unprovoked and unjustified attack by Russian military forces. I briefed him on the steps we are taking to rally international condemnation, including tonight at the UN Security Council.

He asked me to call on the leaders of the world to speak out clearly against President Putin’s flagrant aggression, and to stand with the people of Ukraine.

Elsewhere, reports over Russia’s temporary suspension to multiple flights until the early hours of March 02 could also be heard.

Read: Ukraine’s Foreign Minister: “The world must act immediately. Future of Europe & the world is at stake”

Market reaction

The rush to risk-safety escalates on the news.

While portraying the risk-off mood, the US 10-year Treasury yields snap two-day rebound by declining around nine basis points (bps) to 1.88% whereas S&P 500 Futures drop over 2.0% by the press time. It should be observed that the US Dollar Index (DXY) rises 0.40% intraday due to its safe-haven appeal at the latest.

Also read: EUR/USD slumps to monthly low near 1.1200 as Russia-Ukraine war begins