This strategy - known as 'secondary sanctions' - would represent a major intensification of economic hostilities over the invasion of Ukraine, and has only been deployed by the U.S. on a handful of occasions.
WASHINGTON - Senior Biden officials are exploring a dramatic escalation of the administration's sanctions on Russia as the death toll mounts from the war in Ukraine and the impact of existing sanctions on Russia's economy remains unclear.
The Biden administration already has the legal authority to impose sanctions on international firms for working with sanctioned Russian entities, but has not yet done so. The measure would be aimed at expanding the bite of America's sanctions by cutting off parts of Russia not only from the American and European economies, but also the rest of its international trading partners, such as China, India and the Gulf States.
The White House's weighing of secondary sanctions measures comes as pressure grows from both the Ukrainian government and some members of Congress to intensify the West's economic attacks on Russia. The ruble initially lost about half of its value against the U.S. dollar after sanctions first hit. A rash of corporate departures from Russia is also hammering the nation's economy, depriving it of consumer products and jobs. Inflation is rising at 2% a week, and some economists estimate Russia's gross domestic product will contract by as much as 15% this year.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia-Ukraine live updates: Russia claims 'main goal' is eastern Ukraine 'liberation'Russian forces around Kyiv have fallen into defensive positions and have stopped offensive ground movements toward the capital city, a senior U.S. defense official says.
Read more »
Russia-Ukraine live updates: Pope Francis to consecrate Russia, UkrainePolish Pres. Duda thanks the U.S. support in assisting with Ukrainian refugees crossing the border, calling them Poland's 'guests.' 'This is the name we want to apply to them... they are our guests. Our brothers. Our neighbors from Ukraine.'
Read more »
President Biden, Western allies open 1st of 3 summits on Russian war in UkraineU.S. President Joe Biden and Western allies opened the first of three summits Thursday focused on increasing pressure on Russian President Vladimir Putin over his war in Ukraine while tending to the economic and security fallout spreading across Europe and the world.
Read more »
Biden, Western allies open 1st of 3 summits on Russian war in UkrainePresident Joe Biden and Western allies opened the first of three summits Thursday aimed at amping up pressure on Putin over his war in Ukraine.
Read more »
President Biden, Western allies open 1st of 3 summits on Russian war in UkraineU.S. President Joe Biden and Western allies opened the first of three summits Thursday focused on increasing pressure on Russian President Vladimir Putin over his war in Ukraine while tending to the economic and security fallout spreading across Europe and the world.
Read more »
President Biden, Western allies open 1st of 3 summits on Russian war in UkraineU.S. President Joe Biden and Western allies opened the first of three summits Thursday focused on increasing pressure on Russian President Vladimir Putin over his war in Ukraine while tending to the economic and security fallout spreading across Europe and the world.
Read more »