WASHINGTON, D.C. – After Russia invaded Ukraine, the U.S. and other countries issued sanctions on Russia. They hoped those sanctions would stop Russia’s war in Ukraine. While experts said these sanctions have hurt Russia, Senator Oat Toomey (R- PA) said it’s not enough.
In a Senate Banking committee, members look at how U.S. sanctions against Russia for the war in Ukraine has impacted Russia.
“Sanctions against a number of major Russian banks, dozens of Russian officials and Putin associates, expanded export controls that restricts Russia’s access to the technologies needed to sustain its aggressive military capabilities,” said Sen. Sherrod Brown (D- OH).
Officials with the Treasury Department said these sanctions make Russia’s economic future look bleak and is deteriorating significantly because Russia is burning through their rainy-day funds and moving towards a fiscal deficit by the end of the year.
“US and partner economic responses to Russia’s war have had and will continue to have a significant effect on Russia’s ability to fund its war,” said Elizabeth Rosenberg, Assistant Secretary for Terrorist Financing and Financial Crimes.
“While the outcome of the war will be determined on the battlefield, sanctions have the potential to dramatically hasten an end to the conflict by depriving the Kremlin the funds it needs to continue this war and lets be honest, the sanctions imposed on Russia thus far, has not yet come remotely close to achieving this objective,” said Sen. Pat Toomey (R- PA).
However, Toomey said the Kremlin is still making money off of oil and gas which helps fund their war machine. To stop this, Toomey and Senator Chris Van Hollen (D- MD) are proposing additional sanctions against Russia.
“Plan to introduce legislation that will complement the administration’s price cap scheme and impose mandatory sanctions on any foreign financial institution worldwide involved with any transaction in Russian oil above the price cap,” said Toomey.
Toomey said these sanctions are a critical component in helping the Ukrainians defeat Russia.
“I say this to my colleagues: now is not the time for half measures or complacency,” said Toomey. “It’s time to crush the Kremlin’s ability to continue this war.