A “strong bipartisan effort” almost is finalized to make sure that Russia will be hit with the “strongest possible” sanctions if the country’s leadership decides to invade Ukraine, Sen. Ben Cardin, D-Md., told Fox News on Sunday.
Cardin stressed that “we hope to show [Russian President Vladimir] Putin that Democrats and Republicans in the Senate and the House, and that the White House, are united. That if he does do further incursions into Ukraine he will pay a very, very, very heavy price from the economic point of view and the isolation politically.”
Cardin’s remarks come as the administration has revealed very little specific details about possible sanctions during the crisis, insisting that the best strategy is to make Putin concerned and unsure what penalties he will face for his actions.
Cardin, who said that the bipartisan effort has the backing of President Joe Biden, emphasized that the sanctions, if Moscow invades, would include both financial and personal consequences, including against Putin personally and the financing of his activities.
In addition to causing severe harm against the Russian economy, the senator added that those who use the international banking system to finance Putin’s political goals also would face consequences.
“These are gripping sanctions that will have an impact on the bad actors and the Russian economy in general, because it is financing through corruption Putin’s political agenda,” Cardin said.
American officials have said that Moscow already has put together at least 70% of the military forces and equipment that is needed in order to launch a full-scale invasion of Ukraine, according to Fox News.
Experts consider one of the harshest financial steps that can be taken against the Kremlin is to cut Russia off from international banking because that would deny Moscow its international profits from oil and gas production, which make up over 40% of Russia’s revenue.
Another strategy that the U.S. previously has used is sanctioning the immediate circles of leaders, their families, and military and civilian circles.
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