In Depth: How Far the U.S. and EU Plan to Go to Punish Russia

After Russia began its assault on Ukraine on Thursday, U.S. President Joe Biden announced sanctions “purposefully designed” to take both an immediate and long-term toll on the Russian economy.

This move followed an earlier announcement from the EU that it would freeze Russian assets within its member states. Biden said the U.S. will work with allies and partners to limit Russia’s ability to use the dollar, euro, pound and yen to do business around the world.