WASHINGTON (HRNW) — As the Biden administration prepares its response to Russia’s attack on Ukraine, U.S. Treasury Department officials and their counterparts in Europe are tasked with finding ways to make Russia’s economy pay a price.
One key question is how to measure the success.
With inflation already at record highs, a global pandemic that keeps businesses struggling to reopen and an energy shortage throughout Europe, the right way to punish one of the world’s major economies can be complex to tease out.
The first round of sanctions came before Russian President Vladimir Putin on Thursday announced a military operation in Ukraine and warned other countries that any attempt to interfere would lead to “consequences they have never seen.” As he spoke, big explosions were heard in Kyiv, Kharkiv and other areas of Ukraine.
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