U.S. officials said Saturday’s steps were framed to send the ruble into “free fall” and promote soaring inflation in the Russian economy.
By ZEKE MILLER, RAF CASERT, ELLEN KNICKMEYER and KEN SWEET
The European Union, United States, United Kingdom and other allies have steadily stepped up the intensity of their sanctions since Russia launched the invasion late last week. The decline of the ruble would likely send inflation soaring, which would hurt everyday Russians and not just the Russian elites who were the targets of the original sanctions. The resulting economic disruption, if Saturday’s measures are as harsh as described, could leave Putin facing political unrest at home.
The fine print of the sanctions was still being ironed out over the weekend, officials said, as they work to limit the impact of the restrictions on other economies and European purchases of Russian energy. The disconnection from SWIFT announced by the West on Saturday is partial, leaving Europe and the United States room to escalate penalties later. Officials said they had not fully settled on which banks would be cut off.
Germany specifically had balked at the measure since it could hit them hard. But Foreign Minister Annalena Baerbock said in a statement that “after Russia’s shameless attack … we are working hard on limiting the collateral damage of decoupling from SWIFT so that it hits the right people. What we need is a targeted, functional restrictions of SWIFT.”
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