Biden issues sanctions in response to Russian invasion

On Feb. 24, US President Joe Biden announced a slew of new sanctions against Russia after Russian President Vladimir Putin initiated an invasion of Ukraine. The sanctions, according to Biden, are designed to inflict long-term pain on Russia while minimizing the effects on the western world.

“We are going to stunt the ability to finance and grow the Russian military. We’re going to impose major — and we’re going to impair their ability to compete in a high-tech 21st-century economy. We’ve already seen the impact of our actions on Russia’s currency, the Ruble, which early today hit its weakest level ever — ever in history.  And the Russian stock market plunged today. The Russian government’s borrowing rate spiked by over 15 percent.”

Republican Senate Minority Leader Mitch McConnell made a statement on Thursday saying, “Ratchet the sanctions all the way up. Don't hold any back. Every single available tough sanction should be employed, and should be employed now.”

Leaders in the European Union and around the world also announced sanctions in addition to the ones already imposed on Russia earlier in the week for its initial movement of troops into the separatist-held regions of eastern Ukraine.

French President Emmanuel Macron said Thursday, “sanctions toward Russia will be on the level of the aggressions it is itself guilty of — on the military and economic level, as well as the field of energy, we will be without weakness.”

Canadian Prime Minister Justin Trudeau said, “today, in light of Russia’s reckless and dangerous military strike, we are imposing further, severe sanctions”

Japan announced it would impose financial sanctions on Russian institutions and individuals, and limit exports of military equipment to the country. 

Biden was challenged at the press conference, being asked why removing Russia from the Society for Worldwide Interbank Financial Telecommunications was not included.

In response, Biden said, “The sanctions that we have proposed on all their banks is of equal consequence — maybe more consequence than SWIFT — number one. Number two, it is always an option.  But right now, that’s not the position that the rest of Europe wishes to take.”

SWIFT is a secure messaging network used by banks to conduct transactions around the world. Banning Russia is considered one of the most extreme actions and would cripple the ability of Russian companies to engage in world trade.

A country that has been cut off from SWIFT in the past is Iran. Executive director of the Davis Center for Russian and Eurasian Studies at Harvard University Alexandra Vacroux was quoted by NPR as saying, Iran "lost half of their oil export revenues and 30% of their foreign trade."

The move would likely hurt Europe economically, which, in 2020, traded $197 billion worth of goods with Russia. Also, the EU gets roughly a third of its natural gas from Russia, with Germany being the largest consumer of Russian gas, getting around half its energy consumption from them.

Markets around the world dropped Thursday on news of the invasion, and the price of Brent crude rose to over 100 dollars a barrel. Russia is a member of the Organization of Petroleum Exporting Countries and produces around 11% of the world’s oil supply.

On Friday, the US announced sanctions against Putin personally and Russian Foreign Minister Sergei Lavrov.

Saturday, a consensus was reached among European nations Russia’s access to SWIFT, and in a joint statement with the US announced the removal of certain Russian banks and the Russian Central Bank from the SWIFT system.

The US is sending 7,000 additional troops to Germany to help bolster European defenses and reassure NATO allies. Over the past month the US has already moved more than 5,000 troops into Poland.

NATO Secretary General Jens Stoltenberg said in a statement, “NATO is the strongest alliance in history, and make no mistake; we will defend and protect every ally against any attack and every inch of NATO territory.”

Biden has made it clear that US troops will not be sent into Ukraine to assist in defending the country.

Russia has spent the past year building up forces on Ukraine’s border. As Russian troop numbers began to swell in December 2021, the US and other countries increased the supply of lethal aid into Ukraine to help deter and stop a potential Russian invasion, sending stinger missiles and javelins into the country.

Putin has made several demands of western nations that include a promise NATO will not expand eastward and assurances that Ukraine will never become a member. NATO has flatly rejected these requests citing that NATO membership is open to any country that wishes to join.

Over the past month, the Biden administration has escalated warnings of an imminent invasion into Ukraine by Russia. In response to this, Russia firmly denied any such plans. Biden made a surprising move by publicly sharing intelligence about potential disinformation campaigns and false flag operations Putin could use to justify an invasion.

Biden also rallied EU and NATO allies to present a united front in the face of aggressive actions by Putin and coordinate sanctions should Russia invade. 

On Friday, at the UN Security Council meeting, the US requested a vote for a resolution denouncing the invasion. The US helped draft the proposal and 11 members voted in favor. Russia, one of the five council members who have veto power, rejected the resolution.

Alaska congressional members have been sounding off on the crisis and condemned Putin’s actions.

In an interview, US senator Lisa Murkowski said, “what Putin has done we condemn in the harshest, strongest possible terms, there needs to be punishment there needs to be accountability.”

From a statement issued by US Representative Don Young, “Freedom-loving people everywhere have long known Vladimir Putin to be an authoritarian thug. Overnight, he continued his attacks on Ukraine’s sovereignty by commencing unprovoked all-out war.”

Further on it reads, “America doesn’t back down from dictators, and we won’t start now. Our second-to-none military, vast availability of natural resources, and committed team of international allies must now stand together to face Putin’s aggression with courage and resolve.”

The invasion has seized the attention of both students and staff at UAA, with the news landing during a particularly intense time of the academic year: midterms.

Some students have had to make adjustments to the breaking news, such as the members of the Model United Nations of Alaska, who held their Spring Council on Feb. 25 and 26 via Zoom.

Model UN requires students to take account of real-world events when conducting the simulation and, not surprisingly, resolutions regarding the crisis abounded.

UAA Chancellor Sean Parnell sent out a statement by email on Friday expressing solidarity with the people of Ukraine and recognition of US military personnel during this challenging time.

He wrote, “People are never truly free until they can be free of fear; free of war; and free to live in peace so they can decide who will govern them and how they will be governed.”

Parnell voiced sympathy for students and faculty with ties to Ukraine, Russia and Eastern Europe. He is advising those who may be struggling with the situation to reach out to the Student Health and Counseling Center (907-786-4050, uaa_studenthealth@uaa.alaska.edu), or Dean of Students Office (907-786-1214, uaa_deanofstudents@alaska.edu).

He concluded his email by writing, “In times of uncertainty, our community comes together, stands together, and provides hope for one another. That’s what makes us strong.”