President Joe Biden on Monday reacted swiftly to Russian President Vladimir Putin declaring he would recognize the independence of two breakaway regions in eastern Ukraine, possibly using the move as a pretext for an invasion the U.S. has warned was likely coming at any hour.

The White House said Biden would soon issue an executive order “that will prohibit new investment, trade, and financing by U.S. persons to, from, or in” the two Ukrainian regions under the control of Russian-backed separatists, Donetsk and Luhansk.

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