President Joe Biden’s sanctions against Russia excluded its oil and natural gas sector. Biden said that was in an attempt to limit the pain of higher gas prices. But some experts warn the carveout could embolden Russian President Vladimir Putin.
on Thursday that target Russian banks and the country’s elites, and restrict the export of vital technologies that are key for the military and economic development. The U.S. and its European allies intensified the sanctions on Saturday by announcing plans to freeze the reserves of Russia’s central bank and block certain financial institutions from the SWIFT messaging system for international payments.
The sanctions created a possible trade-off for the president between his political interests at home and abroad. By invading Ukraine, Russia has potentially fed into the supply chain problems and inflation that have been a crucial weakness for Biden, who now is trying to strike a balance between penalizing Putin and sparing American voters.Biden specifically highlighted the Russian energy carve-outs as a virtue because they would help to protect U.S. families and businesses from higher prices.
Finley noted that Russia has relied on oil and natural gas revenues in recent years to build its stockpile of foreign reserves above $600 billion, specifically so it could insulate itself from financial sanctions. But that financial cushion may ultimately be at risk from the added U.S. and European sanctions.
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