In his remarks on Friday, Pence is expected to call on Biden to “sanction all financial institutions in Russia.”
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The idea of such sanctions, as Senator Pat Toomey of Pennsylvania, the top Republican on the Senate Banking Committee, argued last week, would be to “force the world to choose between doing business with Russia or the United States.”
“We’re sort of late in the game here,” said Rich Goldberg, a former National Security Council director under Trump and a leading architect of the Iran sanctions effort as a longtime congressional aide. “Every hour that was lost is time we never get back.”
The Biden defense
Biden administration officials say they’ve been aggressive — and they point to an unprecedented series of steps the U.S. and its allies have taken in a matter of days.
In retaliation for the invasion of Ukraine, Western countries have hit Russia with a long list of penalties and restrictions. They’ve battered the Russian economy and punished its currency, the ruble. They’ve prohibited Russia from importing key technology. They’re even going after the yachts of businessmen in Putin’s circle.
“We are ensuring that this war of choice will be a strategic failure for Vladimir Putin,” said a senior administration official who wasn’t authorized to speak on the record.
White House officials liken the sanctions to a boa constrictor suffocating Russia’s economy, with pressure increasing in response to the Kremlin’s escalatory moves.