President Joe Biden announced a new slate of sanctions targeting Russia after it launched attacks in Ukraine. The sanctions will apply to some of the larger banks in Russia and are a part of an international effort to increase pressure on Russia.
Jim Wholey, special counsel at Phillips Lytle, told Capital Tonight that sanctions don’t typically change behaviors of authoritarian governments, but it is encouraging that western governments are putting together a united front.
The sanctions announced on Thursday increase the restrictions on prominent Russians, banks and trading abilities. The United States also announced sanctions against Ukraine’s neighbor, Belarus, which has been assisting Russia in its invasion of Ukraine. The sanctions stop short of removing Russia from the Society for Worldwide Interbank Financial Telecommunication, a secure messaging system for banks across the globe, which would damage Russia’s economy in the short and long-term.
Wholey said that while prior sanctions weren’t effective in stopping Putin from invading Ukraine, the intention of these newest sanctions are to increase pressure on Putin and have him reverse course. Wholey added that the major open question is whether the western allies can remain united in this effort. Some countries like Greece haven’t backed the SWIFT system removal, which could lead to a western fissure, according to Wholey.