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Biden’s Inner Circle Feared Sanctions Wouldn’t Stop Putin
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U.S. officials spent hundreds of hours over five months debating, crafting and then touting a punishing array of economic sanctions to try to scare Russian President Vladimir Putin off invading Ukraine, but almost from the beginning, many shared the same view: This strategy probably won’t work.
Those concerns became reality Thursday when Russian forces attacked targets across Ukraine and Putin vowed to “demilitarize” the country and replace its leaders. Ukraine’s government called the Russian offensive a “full-scale invasion.” In a statement late on Wednesday night, U.S. President Joe Biden said that he would imminently announce “further consequences” for Russia, in addition to sanctions unveiled earlier in the week.
Biden on Tuesday had set out a partial “first tranche” of sanctions — a modest package that underwhelmed political observers and financial markets. He followed up with additional measures the following day, including sanctions against Nord Stream 2 AG, the company that built the $11 billion natural gas pipeline connecting Russia and Germany. Biden’s aides have said they’re holding heavier punishments in store — but behind the scenes, there’s persistent skepticism about the strategy.
More than a dozen current and former U.S. officials, many of whom helped assemble the response, told Bloomberg News they’ve been deeply dubious that sanctions would change Putin’s behavior. Yet after Biden made clear last year that the U.S. would not send troops or heavy weapons to Ukraine, there were no other solid options. It was left to his team to try to prove, for the first time, that the threat of economic warfare against a major adversary like Russia would suffice when military deterrence wasn’t an option.
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Those concerns became reality Thursday when Russian forces attacked targets across Ukraine and Putin vowed to “demilitarize” the country and replace its leaders. Ukraine’s government called the Russian offensive a “full-scale invasion.” In a statement late on Wednesday night, U.S. President Joe Biden said that he would imminently announce “further consequences” for Russia, in addition to sanctions unveiled earlier in the week.
Biden on Tuesday had set out a partial “first tranche” of sanctions — a modest package that underwhelmed political observers and financial markets. He followed up with additional measures the following day, including sanctions against Nord Stream 2 AG, the company that built the $11 billion natural gas pipeline connecting Russia and Germany. Biden’s aides have said they’re holding heavier punishments in store — but behind the scenes, there’s persistent skepticism about the strategy.
More than a dozen current and former U.S. officials, many of whom helped assemble the response, told Bloomberg News they’ve been deeply dubious that sanctions would change Putin’s behavior. Yet after Biden made clear last year that the U.S. would not send troops or heavy weapons to Ukraine, there were no other solid options. It was left to his team to try to prove, for the first time, that the threat of economic warfare against a major adversary like Russia would suffice when military deterrence wasn’t an option.
Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.
Connect with us on…
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