All eyes are on the escalating conflict between Russia and Ukraine. On Tuesday, President Biden announced a first series of sanctions in response to Russia’s deployment of troops to regions in eastern Ukraine, describing the military buildup as an imminent sign of invasion. 

The sanctions will target Russian sovereign debt, Russian elites and their family members, Russian financial institutions, state development corporation VEB and Russia’s military bank. While the goal is to impact directly Russia’s economy, President Biden advised that the sanctions may also be felt in the U.S. economy, especially in the energy sector as rising gas prices add to the nation’s rising inflation.  

Source: The Hill