US President Joe Biden has announced new sanctions against Russia, saying Moscow’s independent recognition of two separatist regions in eastern Ukraine is the beginning of a Russian offensive. The US has criticized Russia’s decision to recognize the independence of Donetsk and Luhansk and authorize the deployment of Russian troops under the guise of maintaining peace in the region. The US sanctions have targeted Russia’s sovereign debt and two of the country’s financial institutions, including Russia’s military bank. These sanctions mean that Russia will no longer be able to raise funds from Western and European markets. The Russian government recognized the