Last time Putin sent troops into Ukraine, U.S. sanctions tipped the Russian economy into recession. This time, penalties from the Americans and their European allies could lead to a full-on economic collapse.
The last time Russian President Vladimir Putin sent troops into Ukraine, U.S. sanctions tipped the Russian economy into recession. This time, the Americans and their European allies have leveled penalties that could lead to a full-on economic collapse.
Daleep Singh, deputy national security adviser and deputy director of the National Economic Council, and Peter Harrell, senior director for international economics and competitiveness at the National Security Council, were at the center of the U.S. reaction in 2014. Deputy Treasury Secretary Wally Adeyemo became President Barack Obama’s deputy national security adviser for international economics that year.
The U.S. has unveiled a raft of measures over the past several days aimed at knee-capping Russia’s economy and undermining Putin’s ability to tap Western financing sources, including restrictions on the country’s biggest financial institutions, oligarchs and their family members, as well as export controls that limit Russia’s access to critical technology.One of Adeyemo’s first major tasks at Treasury was completing a top-to-bottom review last year of U.S.
“Nobody can say what’s happening in Putin’s brain, but he obviously felt the confidence to move ahead regardless of the economic blowback,” said Heidi Crebo-Rediker, a chief economist at the State Department during the Obama administration. “Sanctions did not deter.” “You couldn’t actually be tougher by doing more than your European allies would go along with,” Lew said at an October panel discussion on Treasury’s sanctions review. “They had ways to undermine what you were doing, whether it was to maintain their energy supply or to deal with other issues that are domestically very important to them, in terms of potential retaliatory actions that they might face.
The key objectives, the senior Treasury official said: Maximize the impact on Russia while minimizing the impact on the U.S. and Europe; have an immediate, significant impact on the Russian economy; and degrade Putin’s ability to project power over the long term.“From the first tranche, we started at a place that was more significant than what we did in 2014, and then we escalated from there,” the official said.
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