Biden warns of further action ‘if Russia continues to interfere with our democracy’ – live

One of the significant elements of today’s measures against Russia is the degree of detail the administration provided.

Of particular note, the Treasury confirmed that Konstantin Kilimnik, a Russian agent in Ukraine and a business associate of Donald Trump’s former campaign manager, Paul Manafort, had passed internal Trump campaign polling and strategic data he received from Manafort to Russian intelligence.

On the other hand, the US caveated reports that emerged last year, that Russian intelligence was offering bounties to Taliban militants to kill US soldiers in Afghanistan. Officials said today that the US intelligence agencies only had “low to moderate confidence” in that report, as it depended on detainee accounts and the constraints of working in Afghanistan had made the reports harder to verify.

The sanctions imposed on the Russian bond market have largely been met by shrugs from Russian observers, but the Biden administration is hopeful that they will have a negative multiplier effect, which can be ratcheted up further if Russia misbehaves further.

“Judging from history, removing US investors as buyers in this market can create a broader chilling effect that raises Russia’s borrowing costs, along with capital flight and a weaker currency, and all of all of these forces have a material impact on Russia’s growth and inflation outcomes,” a senior US official told reporters.

But the speed and magnitude of that negative feedback loop is a function of Russia’s choices.”

In the background to this is a desire to establish clear signalling of consequences if Russia launches new military incursions into the Donbas region of western Ukraine. Intelligence chiefs briefed Congress today on the Russian military buildup, but said it was not possible to tell if it was a question of posturing or preparations for invasion.

Joe Biden’s remarks on Russia this evening sought to project the predictability of US responses in cases where it believed its sovereignty was under attack, while offering Vladimir Putin an off-ramp from escalation with a summit this summer, and a strategic dialogue to follow.

The speech was aimed at addressing two of Putin’s perceptions of the West, that he could get away with disruptive tactics and that Russia was not being given proper respect on the world stage. Biden’s preamble dwelt on the issue of respect.

“President Putin I have had a significant responsibility to steward that relationship. I take that responsibility very seriously as I’m sure he does Russia and Americans are both proud and patriotic people. And I believe the Russian people, like the American people, are invested in a peaceful and secure future of our world.”

Biden stressed the calibrated nature of the US measures against Russia, and his hopes that he and Vladimir Putin, who he warned about the coming sanctions earlier in the week, would be able to stabilise the US-Russian relationship. But at the same time he warned against any Russian military moves in Ukraine.

He said he had made clear US support for Ukrainian territorial integrity. “Now is the time to deescalate,” Biden said. “The way forward is through thoughtful dialogue and diplomatic process.”