The US is imposing what it describes as “swift and severe costs” on Russia after President Vladimir Putin announced the annexation of regions of Ukraine following what the West casts as “sham referenda.”
The US is imposing what it describes as “swift and severe costs” on Russia, including sanctions on a figure the Biden administration says is key to Russia’s economy, after President Vladimir Putin announced the annexation of regions of Ukraine following what the West casts as “sham referenda.
Putin has spent years building up his defenses, amassing hundreds of billions in foreign currency reserves, bringing much of Russia’s industrial base under state control and selling Russia’s vast energy resources to the world. US officials grudgingly acknowledge that Nabiullina has done an effective job managing Russia through this initial phase of the sanctions, just as she did in 2014 after Putin’s Crimea annexation triggered a much less severe round of sanctions from the West.
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