New US sanctions will force Putin to focus on Russian economy over war, officials say: Live Ukraine updates
newest round of sanctions against Russian President Putin will force him to focus on holding together the Russian economy, taking his focus away from the war, Deputy Treasury Secretary Wally Adeyemo, one of the main U.S. coordinators on the Russian sanctions strategy, said Tuesday.
The sanctions will target Russian supply chains that contribute to fueling the war, including “everything from looking at ways to go after the military devices that have been built to use not only in Ukraine but to project power elsewhere,” Adeyemo told the Associated Press.
The U.S. and European Union have levied rounds of punishing sanctions against Russia, from targeting Putin’s adult daughters to agriculture and oil.
The White House said Russia’s GDP could contract up to 15% this year, with inflation already spiking above 15%. But Russia has been able to stabilize key parts of its economy by artificially propping up the ruble, allowing it to rebound quickly as the U.S. and its allies continue to pile on sanctions.
Putin has publicly shrugged off the sanctions, saying Russia was prepared for them and suggesting they will only serve to crash the economies of the nations that put the sanctions in place.
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Contributing: The Associated Press