US, allies weaponizing sanctions to curb Russian aggression
Associated PressWASHINGTON — President Joe Biden and U.S. allies in a matter of days weaponized the global economy against Russia for invading Ukraine, and the resulting destruction has been devastatingly fast. “If the conflict settles into an extended bloody stalemate, however, the sanctions may force him to withdraw and declare victory.” But Steil cautioned that the sanctions and the freezing of Russian central bank assets could cause other countries to move away from using the U.S. dollar in international transactions, making it easier for them to resist the kind of pressure now being put on Russia. “China will take the sanctions as a warning that it, too, must take firmer steps to reduce dollar dependence.” French Finance Minister Bruno Le Maire went so far as to say during a Tuesday radio interview that there was “a total economic and financial war against Russia.” Le Maire later walked back those remarks in a written statement that said the term “war” was inappropriate. White House press secretary Jen Psaki said Wednesday on MSNBC that the administration is “very open” to sanctioning Russian’s energy sector, though any sanctions would be weighed against costs for U.S. drivers. Putin has weaponized, like, an entire society against an innocent country.” Following Saturday’s sanctions against the central bank, Putin placed Russian nuclear forces on high alert, a serious escalation and a sign of heightened tensions in trying to stop the Ukrainian war and contain Russia through economic penalties.