U.S. President Joe Biden has made clear the United States intends to deploy sweeping financial penalties, not American troops, to hit Russia over President Vladimir Putin’s moves against Ukraine.
, it’s expected to follow up with tough sanctions. President Joe Biden has made clear the United States intends to deploy sweeping financial penalties, not American troops, to hit Russia over President Vladimir Putin's moves against Ukraine., already worked out in consultation with European allies, would be enough to hit Putin and Russia's elites, cripple Russia's ability to do business internationally, and likely bring on a recession there.
Sanctions are imposed on individuals listed on a Specially Designated Nationals and Blocked Persons List through the Treasury Department’s Office of Foreign Assets Control. Specifically, new sanctions would likely hit Putin, his family and his circle — Republican lawmakers are itching to sanction the former Olympic gymnast that news reports have identified as Putin's romantic partner — along with Russia's privileged oligarchs.
FILE - U.S. President Joe Biden speaks on Russia and Ukraine in the East Room of the White House in Washington, D.C., U.S., on Tuesday, Feb. 22, 2022.For the U.S. and its European allies, cutting Russia out of the SWIFT financial system, which shuffles money from bank to bank around the globe, would be one of the toughest financial steps they could take, damaging Russia’s economy immediately and in the long term.
The ability to block that access gives the United States the ability to inflict financial pain well beyond its borders. Previously, the U.S. has suspended financial institutions from dollar clearing for allegedly violating sanctions against Iran, Sudan and other countries.
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