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The Biden administration originally believed imposing sanctions on Russia would intimidate Putin, but as the war rages on, it has been everyday Russians and Americans who have felt the brunt of their effects.
While no officials have signalled that sanctioning Russia was the wrong move, some have privately admitted that the “collateral damage” has been greater than anticipated.
According to Bloomberg, the Biden administration felt as though sanctions would achieve their desired goal if food and energy were exempt. Instead, the price of both have risen to unprecedented levels, driving inflation to the highest rate the US has seen in forty years.
Meanwhile in Russia, citizens there are also dealing with an economic situation that is less than ideal.
Many believe one of the main drivers has been “self-sanctioning” by western companies. As Bloomberg reports, the Biden administration was originally pleased by phenomenon, but were later “caught off-guard” by the ensuing side effects, such as supply chain bottlenecks, as companies navigated the often confusing regulations associated with the sanctions.
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