In an effort to deter an invasion of Ukraine, President Biden has threatened punishing sanctions on Russia that could cause a stock market crash, severe inflation or other forms of financial panic that would inflict pain on Russia’s people and could roil other major economies, particularly those in Europe, the New York Times reports.
The pain caused by the sanctions could also foment anger against Vladimir Putin, Russia’s leader. But resilience is part of Russia’s national identity, and three reactionary security officials dedicated to restoring Soviet glory have Putin’s ear.
Yesterday, in a sign of hope for further diplomacy, Russia’s foreign minister, Sergey Lavrov, said the country had sent an “urgent demand” to NATO to clarify its stance, days after the U.S. and its allies formally rejected Moscow’s demands.
Some analysts warn that Russia might retaliate over the sanctions by cutting off natural gas shipments to Europe or by carrying out cyberattacks against American and European infrastructure. Ukrainian officials criticized the Biden administration for its warnings of an imminent Russian attack, saying they had needlessly spread alarm.
Region: The U.S. and Germany are warning that the Nord Stream 2 pipeline will not move forward if Russia invades Ukraine. France’s president, Emmanuel Macron, is determined to engage with Russia and shape a new European security order. And Britain moved to broaden the range of sanctions available if Russia invades Ukraine.
Tussles: Lithuanian efforts to punish Belarus’s authoritarian leader by halting the transportation of potash, a key fertilizer ingredient exported by Belarus, may play into Russia’s hands.