The Biden administration is weighing sweeping sanctions against Russia if it invades Ukraine that could cripple Russia’s access to bond markets, throttle major commercial banks and target powerful oligarchs.
, a project strongly opposed by Ukraine and other Eastern European countries. But U.S. officials say the administration will not hesitate to impose sanctions and prevent the completion of the pipeline if necessary.
Sanctions against Russia’s broader energy industry would be unlikely, because they could boomerang and trigger even higher gas prices in Europe and the U.S., former officials said. Previous attempts at sanctions have had limited effects on Russia’s actions, and experts disagree about to what degree the threat of sanctions shapes Putin’s decision-making.
Apart from sanctions, the Biden administration is looking at providing more weapons and military assistance to Ukraine and trying to revive a stalled peace process for the conflict in eastern Ukraine, which pits Russian-backed separatists against the Ukrainian government.
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