US, allies weaponizing sanctions to curb Russian aggression
ABC News
President Joe Biden and U.S. allies in a matter of days have weaponized the global economy against Russia for invading Ukraine
WASHINGTON -- President Joe Biden and U.S. allies in a matter of days weaponized the global economy against Russia for invading Ukraine, and the resulting destruction has been devastatingly fast.
The sanctions almost instantly put Russian President Vladimir Putin on the defensive against skyrocketing inflation. Russia's central bank, unable to tap foreign reserves, tried to use what resources it had to slow the ruble's steep decline.
It goes unchallenged among economists that Russia's $1.5 trillion economy, previously about 7% the size of the U.S. economy, will shrivel further in ways that could be unprecedented for a nuclear power.
There is a push for even greater financial penalties. Ukrainian parliament member Oleksandra Ustinova met with U.S. senators on Tuesday to advocate for more sanctions immediately if Ukraine is to hold off Russian attacks.
