Biden signs executive order banning US business with breakaway regions of Ukraine

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President Joe Biden on Monday signed an executive order restricting US business in breakaway regions of Ukraine, in response to Russian leader Vladimir Putin’s recognition of those areas, a move that has been widely interpreted as the prelude to a invasion of Ukraine.

“President Putin’s action contradicts Russia’s commitments under the Minsk agreements, refutes Russia’s purported commitment to diplomacy, and undermines Ukraine’s sovereignty and territorial integrity,” the White House said in a statement.

Read more: What a Russian invasion of Ukraine would mean for markets

The order is separate from the sanctions that the United States and European countries have pledged to impose to punish Russia.

Specifically, the command:

  • Prohibits new investments by US citizens in breakaway regions of Ukraine, the so-called Donetsk People’s Republic and the Luhansk People’s Republic.

  • Prohibits imports of goods, services, or technology from these breakaway regions, as well as U.S. exports or sales to these regions.

  • Prohibits US financing of such investments, imports or exports.

The order also provides the power to impose sanctions against officers or directors of companies operating in the breakaway regions.

Read also : Dow futures sink as Putin orders troop deployment to eastern Ukraine

Additional penalties are expected to be announced on Tuesday, the Associated Press reported.

“The United States will not hesitate to use its authorities to target those who support efforts to undermine Ukraine’s sovereignty and territorial integrity,” the White House said Monday.

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