Andrew Bellows
Staff Writer
Russian troops moved into Ukraine on Feb. 24, as part of the largest ground invasion Europe has seen in decades. Shocked by the Kremlin’s aggressive maneuvers, countries around the world responded by imposing economic sanctions on Russia. The United States, along with other European nations, have decided to ban Russian banks from SWIFT, an international trading system that makes trade flow smoothly between countries. Deemed as the ‘financial nuclear bomb,’ the West maintains that the Russian economy will suffer significantly from the new measure.
The Associated Press reported that U.S. and European allies are trying to “hold Russia to account and collectively ensure that this war is a strategic failure for Putin.” In 2014, Putin noted that banning Russian banks from SWIFT would mean a declaration of war. However, Putin has not responded to the recent events regarding Russian Banks. American officials have stated that sanctions have already hurt Russia, depleting its currency and reducing stocks significantly. With Russian banks now banned from Swift, the Russian economy is set to spiral downward. Ukrainian allies aim for this to spark internal turmoil in Moscow, hurting the war effort.
President Biden has also announced $350 million in military aid for Ukraine. According to Reuters, the Pentagon sent anti-armor, small arms, body armor, various munitions and anti-aircraft systems to Ukrainian forces. Over the last year, the United States has sent more than $1 billion in security assistance to Ukraine. Other countries, including France, Germany, the Netherlands and Belgium have also committed military equipment to Ukraine. Ultimately, arming Ukraine is an alternative to sending troops for Western nations.
AlJazeera notes that many countries, including China, India, Nigeria, South Africa and Egypt, did not staunchly condemn Russia’s invasion. This could be suggestive of the world’s fear that another Cold War will begin between the U.S. and Russia. In the past, the U.S. has demanded unconditional support from its allies for its foreign policy standpoints. Regarding the war on terror, President George W. Bush famously said, “You are either with us or against us.” However, countries outside of Europe have hesitated to blindly support the United States out of fear of escalated conflict between the two world superpowers. Reuters adds that the White House has called on China to firmly denounce Russia’s invasion. Although China did implement some sanctions and speak in favor of Ukrainian sovereignty, the United States has demanded that they take more extreme measures.
With escalated conflict on the horizon, President Putin has put nuclear forces on high alert, preparing them for potential action. The Associated Press adds that Putin cited “aggressive statements” from NATO, likely referring to the financial sanctions. While many reacted to this news in fear, the United States downplayed the idea of nuclear warfare. Both the United States and Russia typically keep nuclear forces on high alert as a precaution. White House Press Secretary Jen Psaki stated that Putin’s statement was largely to “manufacture threats that don’t exist.” The White House has given the impression that they believe Putin’s comments were made to prompt the West to roll back sanctions.
According to US News, Senate Majority Leader Chuck Schumer said that Democrats will push a $6.4 billion bill in military and economic aid to Ukraine. Expected to be on the Senate floor next week, Democrats aim to provide sufficient support for Ukrainians in defending the Russian onslaught.
On Feb. 28, the United States announced that it would ban all American businesses from dealing with Russia’s central banks. According to NBC News, the United States will also freeze the assets of a well-known Putin associate. With these policies, the American government hopes to continue hurting Russia economically. Other countries have seemingly echoed this notion in hopes that the economic downturn in Russia will weaken their military campaign in Ukraine. The rest of the world has displayed their hesitancy in the prospects of another world war.
As initial attacks in Ukraine have been repelled, Western allies continue to impose sanctions on Russia in an attempt to hurt them economically. The United States has and will continue to play a prominent role in supporting Ukraine. Financial sanctions may be the beginning of additional measures to ensure the suffering of the Russian economy.
