President Joe Biden is expected to announce on Thursday at least some of the toughest sanctions and financial penalties that the United States, the world’s biggest economy, can muster in response. if Russian forces moved into Ukraine, and he made clear that the U.S. would go after Russia financially, not militarily.
The U.S. response could add Russia to the most restrictive group of countries for export control purposes, joining Cuba, Iran, North Korea and Syria. U.S. sanctions imposed this week targeted two banks close to the Kremlin and Russia’s military, with measures that included freezing all their assets that the U.S. could reach.
Over the long run, Ignatov said, the kind of punishment promised by Biden would deepen Russia’s economic stagnation and “be felt by ordinary Russians in a way that most have not yet had to suffer the cost of this conflict.”
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