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Share Four months into Russia's war in Ukraine, are the Western sanctions having any impact ... and are they doing more harm to the U.S. economy than Russia's?!
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Four months into Russia's war in Ukraine, are the Western sanctions having any impact ... and are they doing more harm to the U.S. economy than Russia's?!
When Russia launched its invasion of Ukraine back in February, the United States and most Western immediately launched what they claimed would be crippling sanctions against Russia and Vladimir Putin. There would be little to no loopholes or exceptions, leaders like President Biden promised, and the sanctions would be unrelenting with the goal of severely degrading Russia's ability to fight in Ukraine.
Fast forward four months later and the jury remains very much out on the impact of those sanctions.
In fact, some members of the Biden administration are now acknowledging that sanctions might have caused just as much harm to the U.S. economy as the Russia's.
Rising energy and food costs in the U.S., which at least in part can be directly tied to sanctions against Russia, have become two of the main drivers of inflation, which hit a 40-year high this month.
Russia's recent oil profits due to rising prices have made up for a loss in exports from the sanctions. And Bloomberg News is reporting that some Biden administration officials also worry that sanctions on Russia aren't stopping the invasion of Ukraine and are instead exacerbating inflation, worsening food insecurity, and punishing ordinary Russians
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When Russia launched its invasion of Ukraine back in February, the United States and most Western immediately launched what they claimed would be crippling sanctions against Russia and Vladimir Putin. There would be little to no loopholes or exceptions, leaders like President Biden promised, and the sanctions would be unrelenting with the goal of severely degrading Russia's ability to fight in Ukraine.
Fast forward four months later and the jury remains very much out on the impact of those sanctions.
In fact, some members of the Biden administration are now acknowledging that sanctions might have caused just as much harm to the U.S. economy as the Russia's.
Rising energy and food costs in the U.S., which at least in part can be directly tied to sanctions against Russia, have become two of the main drivers of inflation, which hit a 40-year high this month.
Russia's recent oil profits due to rising prices have made up for a loss in exports from the sanctions. And Bloomberg News is reporting that some Biden administration officials also worry that sanctions on Russia aren't stopping the invasion of Ukraine and are instead exacerbating inflation, worsening food insecurity, and punishing ordinary Russians
To learn more about listener data and our privacy practices visit: https://www.audacyinc.com/privacy-policy
Learn more about your ad choices. Visit https://podcastchoices.com/adchoices
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