Citing an unprovoked attack on Ukraine, US President Joe Biden unveiled yet another round of even tougher sanctions against Russia, this time with the intention of creating a long-term impact on the country’s economy.
“Putin is the aggressor. Putin chose this war. And now he and his country will bear the consequences,” Biden said in a speech on Thursday afternoon, following a meeting with America’s G7 counterparts. According to Biden, the new sanctions will substantially impede Russia’s ability to conduct business transactions in US dollars, yen, or pounds, while Russia’s top five banks will have all of their US assets frozen.
However, Washington’s latest round of sanctions do not address Russia’s inclusion in the SWIFT banking system, despite opposition from several major European countries. But, according to the US president, Russia will bare the full effect of the sanctions within several months, as they will “exceed” the implications of excluding the country from the international payments network.
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The Biden administration said the sanctions are meant to “degrade [Russia’s] industrial capacity for years to come,” by significantly impeding the country’s air, space, and shipbuilding industries, as well as its access to advanced technology. The president argued that the sanctions are meant to have a long-term strategic impact on Russia, rather than an immediate one.
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