WASHINGTON (Washington Insider Magazine) – On Tuesday, President Joe Biden issued further sanctions on Russia, claiming that Russian President Putin’s recent actions in eastern Ukraine this week equated to “the beginning of a Russian invasion.”
The sanctions, which were imposed on Tuesday, target significant Russian financial firms as well as Russia’s sovereign debt, effectively barring Russia off from international finance. They also target 5 Russian elites having close links to the Kremlin, although not directly Putin.
After Moscow officially recognized the independence of 2 Moscow-backed separatist regions in eastern Ukraine this Monday as well as ordered soldiers into the regions to carry out “peacekeeping functions,” several US allies, such as the European Union, Japan, Germany, Canada, Australia and the United Kingdom stated they would impose sanctions on Russia as well.
The sanctions appear to be designed to give Putin the opportunity to de-escalate and participate in dialogue while also deterring Russia from launching a sizable invasion of Ukraine.
According to NBC NEWS, over 150,000 Russian soldiers continue to surround Ukraine, and Russia has stationed military weapons, health supplies, and blood supplies along the border.
After weeks of warnings that Russia was attempting to build a pretext to invade, Putin’s decision to send soldiers into the separatist areas was regarded as a stunning provocation by the U.S. and its European allies, raising fears that Russia may soon be moving even further into Ukrainian territory.
On Tuesday, German Chancellor Olaf Scholz said that the regulatory clearance procedure for Nord Stream 2, a pipeline that skips Ukrainian transit facilities to carry Russian gas straight to Germany, will be halted. Scholz refused to promise to shut the pipeline if Moscow invaded during a trip to the White House earlier this month.
Because Russia is among the world’s top energy suppliers, an interruption in supply from the nation might push up gas prices in the United States, which is already experiencing its worst rate of inflation in decades.
Russia is also a significant worldwide exporter of raw minerals including nickel, aluminum, copper and palladium and any interruption in those supplies may shake an already stressed worldwide supply chain.
Biden warned Americans that protecting freedom will come at a price at home, but added that his government was keeping a tight eye on the world energy market “to limit the pain American people are feeling at the gas pump.”
But, on Tuesday, State secretary Antony Blinken stated that he was postponing a scheduled meeting with Russian Foreign Affairs Minister Sergey Lavrov, citing Putin’s decision on the two separatist territories.
