Biden plans to impose new sanctions on trade and financing in two pro-Moscow territories

President Joe Biden plans to impose new sanctions on trade and financing in the two pro-Moscow territories that President Vladimir Putin decided to recognize as independent on Monday.

In a statement, the White House said Biden would sign an executive order that would "prohibit new investment, trade, and financing by U.S. persons to, from, or in the so-called DNR and LNR regions of Ukraine."

Putin signed decrees recognizing the Donetsk People's Republic and the Luhansk People's Republic Monday in a ceremony carried on state television earlier on Monday.