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Invasion according to joe biden. >> if we listen to his speech last night, many of you did i know, he is setting up irrational to go much further. this is the beginning of a russian invasion of ukraine, as he indicated, and asked permission to be able to do. >> so today, in response to what he called the beginning of a russian invasion of ukraine, president biden announced a first round of sanctions against russia. >> we are implementing full blocking sanctions on two large russian financial institutions. veb and their military bank. we are putting sanctions on russians sovereign debt. that me...

White house reporter jasmine wright joining me from washington. jasmine, to you first. explain the new u.s. sanctions against russia and what is still being kept back. >> reporter: well, these are first steps for president biden. they say an effort to both punish russia for its current actions but also to deter russia from committing anymore aggressive actions in ukraine. this is a first tranche, something that president biden said earlier today. i want to read you a portion of these sanctions and who they will affect. he outlined sanctions on two large state owned rush shoon financial institu...

And building a response that would have massive consequences for russia. russia has clearly chosen to reject diplomacy and dialogue and instead to pursue aggression. as a consequence, we have started to have the severe consequences that we said would follow. today, faced with the beginning of russia's invasion of ukraine, we started high and we'll stay high. the sanctions that we've already announced go well beyond what we did. veb and the military bank. they hold more than $80 billion in assets. they provide key service that's are critical to financing the kremlin and russian military. we hav...

Unity, clarity, and conviction. i'll probably have more to say about this as it moves on. i'm hoping diplomacy is still available. thank you all very much. >> president biden there announcing what he calls the first tranche of sanctions in response to russia's actions there along the border and in ukraine now, announcing a full blocking sanctions for two banks there, cutting off russia from western financing as well. let's bring in the full panel, we're adding chief political analyst gloria borger to the conversation as well. but i want to go to erin burnett first. the sanctions that the presi...

States. so today, i am announcing first traunz sanctions to impost costs on russia. and response to their actions yesterday. these have been clothesly coordinated with our allies and partners who will continue to escalate sanctions if russia escalates. we implementing if you recall blocking sanctions. knowledge two institutions. the eb and military banks. we sanctions on russian sovereign debt. that means we cut off russia's government from western financing. it can no longer raise money from the west. and cannot trade in its new debts on our markets or european markets either. starting tomorr...