President Obama announced a new executive order that tightens the screws on Russia by allowing for sanctions against entire sectors of the Russian economy. If Russia escalates their actions in the Ukraine, it will face sanctions that could cripple its economy.
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The president framed the new sanctions as choices that the Russian government made. Obama said, “I signed a new executive order today that gives us the authority to impose sanctions, not just on individuals, but on key sectors of the Russian economy. This is not our preferred outcome. These sanctions would not only have a significant impact on the Russian economy but could also be disruptive to the global economy. However, Russia must know that further escalation will only isolate it further from the international community. The basic principles that govern relations between nations in Europe and around the world must be upheld in the 21st Century. That includes respect for sovereignty or territorial integrity. The notion that nations do not simply redraw borders, or make decisions at the expense of their neighbors because they are stronger and more powerful.”
The White House is freezing the assets of a bank that has close ties to the Russian leadership. In a call with reporters, administration officials said that this is only the beginning. The president’s executive order, today, opened the door for sanctions on sections for the entire Russian economy. Senior administration officials stressed that there should be no mistake that Russia will be more vulnerable and severely isolated if the U.S. moves forward with these sanctions.
The president is already working with U.S. partners in Asia on sanctions, and he is going to continue discussions with governments in Europe when he visits there next week. The sanctions target influential Russians, senior Russian officials, and a crony bank that handles money for the wealthy and government officials. The White House described the designated officials as a whole slew of Russian officials in the executive and legislative branches of their government. In other words, the sanctions are targeting Russian government officials who supported the invasion of Ukraine and Putin’s close confidantes and friends.
Administration officials told reporters that the Ukrainian government is not interested in war with Russia, and the U.S. feels that the best course of action is economic. The Obama administration made it clear that both the Ukraine and the U.S. aren’t interested in American funds for beefing up the Ukrainian military. Much to the dismay of some Republicans, the military option is off the table.
The escalation of these sanctions could cripple the Russian economy. Contrary to what Republicans war hawks think, the best way to deal with Putin’s behavior to pull the rug out from under his economy. Putin’s attempt at Soviet style strongman tactics could result in a crippled Soviet style Russian economy.ng
The Obama administration is working on more sanctions that go beyond the ones announced today.
The president is in this for the long haul. Putin is about to find out what Republicans already know. Iron fisted rhetoric is no match for the iron will of Barack Obama.
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