Chairman Schiff on Sanctions Against Russia for Invading Ukraine
Washington DC, February 22, 2022
“Vladimir Putin’s latest invasion of Ukraine is another intolerable assault by Russia on the sovereignty of its neighbor and international law. He is terrified by the prospect of another democracy on Russia’s border and the alternative the Russian people see to his despotic rule.
“The Biden administration has acted quickly, in close coordination with our allies, to deliver significant consequences for Russia’s further invasion of Ukraine. Targeting the Russian state with sanctions on its sovereign debt and imposing new sanctions on oligarchs will render real and significant costs for President Putin, his inner circle, and enablers. The degree to which our response is shared by our NATO allies, particularly the announcement by Germany that the Nord Stream 2 pipeline will not proceed, demonstrates the importance of the administration’s efforts over the past several months.
“Still, I think the administration must go further, as I believe Putin is likely to go beyond the invasion of these two areas of Ukraine. Further sanctions should target the largest Russian banks — cutting them off from the world’s financial system — and in every other way raise the costs on Russia for its belligerence. Otherwise, we can only expect worse in the days and months ahead. We must meet this challenge to democracy head-on, and stand with Ukraine.”