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US President Joe Biden signed a decree on sanctions over Russia’s recognition of the independence of the Luhansk and Donetsk People’s Republics (LPR and DPR). The document, among other things, establishes a ban for Americans to finance and invest in the DPR and LPR as well as on trade with the republics, TASS reports.

Biden’s executive order prohibits "new investment in the so-called DNR or LNR regions of Ukraine or such other regions of Ukraine as may be determined by the Secretary of the Treasury, in consultation with the Secretary of State (collectively, the "Covered Regions"), by a United States person, wherever located."

Additionally, a ban is introduced on "the importation into the United States, directly or indirectly, of any goods, services, or technology from the Covered Regions," as well as on "the exportation, reexportation, sale, or supply, directly or indirectly, from the United States, or by a United States person, wherever located, of any goods, services, or technology to the Covered Regions."

Additionally, the executive order vests the US administration with powers to impose sanctions on individuals operating in the DPR and LPR.

On February 21, Russian President Vladimir Putin recognized the DPR and LPR. Agreements on friendship, cooperation and mutual assistance were signed with their leaders.