Biden: US sanctioning Russian oligarchs, debt

President Joe Biden announced the U.S. was ordering heavy financial sanctions against Russian banks and oligarchs on Tuesday, declaring that Moscow had flagrantly violated international law by invading Ukraine. Biden said more sanctions could be on the way if Putin proceeds further.

Biden said he was also moving additional U.S. troops to the Baltic States on NATO's eastern flank bordering Russia. The president joined the 27 European Union members who unanimously agreed on Tuesday to levy their own initial set of sanctions targeting Russian officials over their actions in Ukraine.  Meanwhile, German Chancellor Olaf Scholz has suspended the certification process for the Nord Stream 2 natural gas pipeline after Russia recognized separatist-held regions in eastern Ukraine.