United States and Allies Target Russia and Belarus with Sanctions and Other Economic Measures
The United States and allied countries have responded to Russia's invasion of Ukraine with a host of sanctions and other economic measures. According to officials, U.S. President Joseph R. Biden Jr. and his administration prepared “sanctions with massive consequences” in the event of an invasion, with plans to “start at the top of the escalation ladder and stay there.” After the invasion of Ukraine commenced, the United States and allied countries imposed sanctions they had planned and previewed, including sanctions against Russian banks and oligarchs. Among other measures, the United States also imposed export controls against Russia and restricted Russia's ability to pay outstanding debts with dollars held in U.S. banks. Many private companies have also withdrawn from or limited their operations in Russia in response to the invasion, increasing the economic fallout for Russia. Although the economic measures appear to be damaging the Russian economy, their ability to change Russia's behavior in Ukraine remains unclear.