U.S. President Joe Biden decided to extend the sanctions that the U.S. government enacted against Russia for one more year, arguing that the country continues to pose a threat to the security of the nation. Biden had talked about these sanctions before, explaining that the only option besides enacting them would involve a direct international military conflict.
U.S. President Joe Biden Extends Anti-Russia Sanctions for One More Year
U.S. president Joe Biden has decided to extend the sanctions enacted against the Russian Federation for one year, on the basis that activities of the country “continue to pose an unusual and extraordinary threat to the national security, foreign policy, and economy of the United States.”
According to Executive Order 14024, issued on April 15, 2021, the Russian government has been conducting “efforts to undermine the conduct of free and fair democratic elections and democratic institutions in the United States … and to violate well-established principles of international law, including respect for the territorial integrity of states.”
This sanctions package enabled the designation of several Russian entities, including the Russian Duma and its members, and a slew of companies involved with the military-industrial complex of the country. The order was expanded later to designate more individuals and companies aiding the country in evading sanctions.
Two Options: Sanctions or War
The enactment and expansion of these sanctions, as well as their efficiency, have been criticized by several analysts, who claim they have contributed to the processes that many countries, like China and India, are currently developing in order to reduce their reliance on the U.S. dollar as a reserve and settlement currency.
Senator Marco Rubio commented on the sanctions, stating that other major governments are creating an alternate international settlements market away from the dollar. On March, 30 in an interview on Fox News, he stated:
We won’t have to talk about sanctions in five years because there will be so many countries transacting in currencies other than the dollar that we won’t have the ability to sanction.
However, President Biden had expressed his position on prior and expanded Russian sanctions before, considering them as the “broadest” in history and stating that they represent an alternative to a direct military confrontation. In an interview with Youtuber Brian Tyler Cohen posted on February 26, 2022, referring to the sanctions issue, Biden stated:
You have two options. Start a Third World War, go to war with Russia, physically. Or two, make sure that the country that acts so contrary to international law ends up paying a price for having done it.
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Sergio Goschenko
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.
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