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Biden imposes sweeping sanctions on Russia for Putin’s war in Ukraine

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Biden imposes sweeping sanctions on Russia for Putin’s war in Ukraine

“This is really going to be the test: does Fort Russia hold when you have assets that can be frozen abroad?” Daniel Tannbaum, a partner at Oliver Wyman, who advises banks on sanctions.

For now, US and European officials are unwilling to cut all Russian banks from SWIFT, the Belgian money transfer system used by more than 11,000 financial institutions worldwide. But a senior Biden administration official told reporters on Thursday that such action was not off the table. In Europe, governments differ on whether to separate Russia from SWIFT.

US officials do not yet plan for major disruptions to Russia’s energy exports, which are pillars of the country’s economy. Europe is dependent on products, and world leaders do not want to push oil and gas prices too high, although Germany this week halted the Nord Stream 2 gas pipeline project.

EU leaders met in Brussels on Thursday evening to discuss the details of the proposed sanctions, which they insist would deal a huge blow to the Russian economy.

But documents seen by The New York Times indicate that the bloc, which has close financial ties with Russia and shares borders with Ukraine, is likely despite several hard-line pleas from Poland, the Netherlands and the Baltic states. Will avoid difficult decisions. Arrive.

“It is enough to talk cheaply,” said Polish Prime Minister Mateusz Morawiecki, who has already fled the Ukrainian War. He added: “We as Europe, as the European Union, have a lot of Russian gas. , a lot of Russians are buying oil. And President Putin is taking money from us, the Europeans. And he’s turning it into aggression.”

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Reporting was contributed by matina stevis-gridneff from brussels, Alan Rappeport from Washington, motoko rich from tokyo and yan zhuang From Melbourne, Australia.

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