Sanctions against Russia
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The president continues to insist he’s “enforcing the most significant package of economic sanctions in history” against Vladimir Putin’s regime...
The reality is far different, which accounts for rising frustration in Congress—and growing divisions between even Democrats and the White House. The administration refused to impose sanctions in the lead-up to Mr. Putin’s invasion, naively trusting diplomacy. Yet even after Russian tanks rolled—and despite having months to prepare—the response has been slow, timid, hostage to feel-good “multilateralism” and unwilling to attack the real engine of the Russian economy: energy. Even the president’s own party is losing patience with his inadequate sanctions.
Consider that Treasury announcement. In late February Mr. Biden grandly announced sanctions targeting Russian banks. Yet on Friday, Treasury quietly clarified that the sanctions won’t apply to the banks’ energy transactions until June 24—meaning Wall Street can continue to trade in Russian oil and gas. “The energy sector of the Russian Federation economy itself is not subject to comprehensive sanctions,” explained Treasury’s website, a scandalous caveat the media largely ignored.
The White House has also demanded congressional Democrats stand down on a bipartisan bill that would suspend Russia’s preferential trading status with the U.S.—again, seemingly in order to discuss it to death with Europe. The good news is that lawmakers in both parties said late this week that they remain undeterred and may pass the trade restriction next week—potentially forcing Mr. Biden’s hand again.
The White House is nonetheless getting its way when it comes to blocking a Republican bill from Sen. Jim Risch that would impose real sanctions on Russia’s oil, gas, mining and mineral sectors. It targets oligarchs. It would create a lend-lease program to ensure Ukraine will continue to get necessary military resources. Crucially, it provides for “secondary sanctions” against global institutions that finance the Russian economy. As Mr. Risch notes, these secondary sanctions would “force the world’s financial institutions to make a choice between Russia and Western markets” and finally “isolate” the Russian economy.
The White House is resisting all this for the same reason it resisted the Russian oil embargo. Truly punishing sanctions against Russia’s energy sector are still anathema to Old Europe allies who want to continue importing Russian oil. The administration also fears that seriously targeting Russian energy would further drive up gasoline prices, hurting Mr. Biden domestically.
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"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
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Isn’t that just wonderful, Russians will get to go back to Soviet style dentistry. If nothing else it’ll toughen up the post USSR generation.
My spouse has spent the last 27 years trying to correct the dentistry of her first 24 years. It’s still a work in progress.
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Isn’t that just wonderful, Russians will get to go back to Soviet style dentistry. If nothing else it’ll toughen up the post USSR generation.
My spouse has spent the last 27 years trying to correct the dentistry of her first 24 years. It’s still a work in progress.
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"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
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@George-K said in Sanctions?:
I would hope the western companies can be compensated with Russian central bank assets.
@jon-nyc said in Sanctions?:
@George-K said in Sanctions?:
I would hope the western companies can be compensated with Russian central bank assets.
One would think that likely.
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Only non-witches get due process.
- Cotton Mather, Salem Massachusetts, 1692
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India is not playing ball …
India Buys Russian Oil Despite Pressure For Sanctions Over Ukraine War
Indian media reports said Russia was offering a discount on oil purchases of 20% below global benchmark prices.https://www.huffpost.com/entry/india-buys-russian-oil_n_62343ee2e4b009ab92f6bda0
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@George-K said in Sanctions?:
Heard that this am on BBC.
What he going to do - convert the rubles into bitcoin?
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@George-K said in Sanctions?:
Heard that this am on BBC.
What he going to do - convert the rubles into bitcoin?
