The economic sanctions that will hit the Russian economy will have nothing to do with those imposed in the past, the State Department said on the occasion of the appointment of the Russian ambassador to Sweden, who had stated that Moscow “does not pay a penny” for the risk of Western sanctions.
Answering a question from Star TV, a spokesman for the US State Department clarified that Russia will face international isolation and a long-term unbearable strategic cost. As he stressed, “(Russia) will face a more determined transatlantic community. It will have to make more concessions to China. It will face massive pressure on its economy and export controls that will erode its defense industrial base. “And he will face a wave of condemnation from all over the world.”
Regarding Washington’s response to the possibility of a further Russian invasion of Ukraine, the spokesman clarified that Washington will not adopt the traditional approach used in the past.
“Instead, we will adopt a ‘start high, stay high’ approach in which – in coordination with our allies and partners – we will impose serious costs on the Russian economy, including its financial system, and unprecedented export controls in areas where considered crucial to the Kremlin and President Putin’s ambitions. All options remain on the table. With the strict measures that we will impose, the already exhausted capital stock of Russia will be deprived of the much needed financing and direct investments. Russia’s disconnection from the global financial system, combined with the removal of key high-tech inputs to Russia, will damage Russia’s productive capacity and make its economy even more fragile and its ambitions to exert influence on the world stage. These extraordinary and unprecedented measures are considered only for scenarios in which Russia further invades Ukraine. “Whether or not these consequences affect the Russian economy is in Putin’s hands,” he said.
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