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WASHINGTON, D.C. – Following the additional sanctions President Biden is imposing on Russia after they attacked Ukraine, a political scientist breaks down how these sanctions will also impact us at home.
“We’re going to impose major [sanctions] and we’re going to impair their ability to compete in a high tech 21st century,” said President Biden.
Following Russia’s advancement into Ukraine, President Biden said the U.S. and other countries are imposing harsher sanctions on Russia which will target more Russian oligarchs and hitting their government financially.
“So I think what Joe Biden needs to do is he really needs to try to cushion the blow or at least prepare people for the blow that’s going to happen in the midst of an already problematic economy for many Americans,” said Todd Belt, the director of the Political Management program at George Washington University. Belt said Americans could also feel the impacts of these sanctions.
“Well, I think we’re going to see gas prices increase, fuel prices will certainly be going up,’ said Belt. “We’ve seen that already spiked this morning. I think that will continue. We’ve seen some rumblings in the stock market.”
U.S. officials have warned various sectors to brace for supply chain disruptions. Russia is a major exporter of heavy metals like titanium used in airplanes and one of the largest suppliers of a rare metal used in catalytic converters.
Ukraine and Russia both produce fertilizer in large quantities. The lack of exports could hurt agriculture in Europe the most but it could have an impact on food prices here at home.
People already feel the pain at the pumps as prices have been some of the highest in recent times. According to AAA a year ago we had a national average of $2.66 per gallon. On Wednesday, the average was $3.53 and the current aver has been bumped up by a penny.
Belt said when fuel prices go up, it has a trickling effect throughout the economy.
“Food which needs to be transported becomes much more expensive,” said Belt. “All goods and need to get to market become more expensive and inflation is a problem right now.”
Biden acknowledged the high gas prices Americans are dealing with and he said he’s doing everything he can to help ease those pains. He added that the U.S. needed to hit Russia with sanctions or else it would be a conscious crisis for America because America stands up to bullies and stands for freedom.
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