President Joe Biden announced biting U.S. sanctions on Moscow in the wake of Russian President Vladimir Putin's decision to send troops into two regions in eastern Ukraine, which Biden denounced as a "flagrant violation of international law." Biden said the first wave of U.S. penalties includes "full blocking sanctions" on two major Russian financial institutions, as well as on the country's sovereign debt. "That means we've cut off Russia's government from Western financing," he said. "It can no longer raise money from the West and cannot trade in its new debt on our markets or the European markets either." Biden warned that if Putin escalates his assault on Ukraine, "we stand prepared to go further" with sanctions as well. Some U.S. allies in Europe have raised concerns about various steps, warning that Putin could retaliate by cutting off oil and gas supplies that are vital to their countries. Europe gets as much as 40% of its gas from Russia, and countries like Germany could be left in the cold if Putin decides to end their supplies. Here’s what we know. To read more on Russia, Ukraine, and the Biden administration's sanctions, click the link in our bio. #russia #ukraine