US To Focus New Russia Sanctions On Oil Revenue, Arms Supplies

Two architects of the Biden administration’s sanctions campaign told lawmakers on Wednesday; Future sanctions over President Vladimir Putin’s invasion of Ukraine must focus on depriving Putin of what he needs to fund and fight the war:

Revenue from Russia’s oil and gas sales and access to global supply networks to replenish his military are major targets.

While calling for stronger action against Russia, the State and Treasury department officials appearing before the Senate Foreign Relations Committee faced complaints from both Democrats and Republicans that the first rounds of sanctions did not hit Moscow as hard or fast as the administration had forecast.

In response to those referendums, the U.S. and its allies are preparing new sanctions that White House press secretary Karine Jean-Pierre said Wednesday would impose a “severe economic cost on Russia when they move forward with annexation.”

Senators and the two Biden administration officials — Elizabeth Rosenberg, an assistant Treasury secretary, and James O’Brien, head of the State Department’s sanction coordination office — focused Wednesday on additional penalties aimed at making it impossible for Russia to keep prosecuting the war.