Biden’s latest sanctions includes cutting off 4 of Russia’s largest banks from western financial markets, freezing the assets of many of the same institutions and Russia’s wealthiest oligarchs overseas, and halting exports of certain technologies.
, President Joe Biden announced the most severe sanctions yet against Russia and its leaders—with a warning that further escalation of the war would result in “severe” economic costs.
The sanctions—announced in tandem with similar measures by the Group of Seven countries and the European Union, which ranged from bans on the Russian airline Aeroflot from the United Kingdom to Germany’s decision to put the Nord Stream 2 natural gas pipeline on hold, perhaps permanently—have been designed to “maximize a long term impact on Russia” Biden said.
“The threat of the sanctions and imposing the sanctions and seeing the effect of the sanctions are two different things,” Biden said at one point, asked why the sanctions had not been implemented sooner. “It will so weaken his country that he’ll have to make a very, very difficult choice of whether to continue to move toward being a second-rate power.”
The announcement of the measures sent the Russian ruble into a freefall, and the price of oil into the stratosphere. But the aggressive sanctions may still not be enough to satisfy some of Biden’s critics in Congress, who haveto implementing sanctions before a potential invasion of Ukraine, as the country’s president had requested for months.
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