Posted on 02/23/22
| News Source: The Hill
The White House is prepping Americans for the likelihood that sanctions on Russia will have a ripple effect that hits their pocketbooks.
President Biden and other administration officials acknowledge the steps the U.S. and European nations are taking to deter Moscow from further aggression against Ukraine are likely to spur higher gas prices. But they argue defending an ally and trying to stop a war in Europe is a worthy cause.
“As I said last week, defending freedom will have costs for us as well and here at home,” Biden said in a speech on Tuesday. “We need to be honest about that. But as we do this, I’m going to take robust action to make sure the pain of our sanctions is targeted at the Russian economy, not ours.”
Asked later Tuesday if officials are specifically referring to the likelihood Americans will see higher gasoline prices, White House press secretary Jen Psaki said, “Yeah, energy prices. Exactly.”
Biden on Tuesday announced an initial round of sanctions on several Russian banks and elites and their families. The move came a day after Russian President Vladimir Putin took the dramatic step of recognizing as independent two breakaway regions of Ukraine and deploying troops to the areas.