Four months into the war in Ukraine, the countries aligned against Russia face growing economic pain even as sanctions and energy embargoes are showing little impact on Russian President Vladimir Putin’s military campaign or his political standing at home, The New York Times reported.
US officials vowed that Russia’s financial system would be battered if it attacked Ukraine, and President Biden boasted in March that sanctions were “crushing the Russian economy” and that “the ruble is reduced to rubble.”
But Russian oil revenues have set records as crude prices surge. And after plunging in February, the ruble hit a seven-year high against the dollar this week.
Biden officials say Russia’s economy is nevertheless incurring damage that will compound over time, especially as restrictions on technology exports to Russia gradually stunt the growth of its industries from aerospace to computing. And on Thursday, a White House spokesman said that leaders of the Group of 7 industrial nations, set to begin meetings in Madrid on Sunday, will discuss new plans to further “tighten the screws” on Russia’s economy.
But it is unclear which side has more time to spare.