US to expand sanctions against Russia: Official
The deputy national security adviser for international economics Daleep Singh claims that Russia's economy would be "half the size it was before", however, sanctions on Russia seem to cost the US, the EU.
The US deputy national security adviser for international economics Daleep Singh said Sunday that Washington may impose additional sanctions against Russia, and the White House is "nowhere near" lifting any of the restrictions.
On CBS News' 60 Minutes, Singh added that "we can broaden our sanctions. So - take the measures, take the sanctions we've already applied, apply them to more targets. Apply them to more sectors."
Furthermore, he specifically stated that Russia's banking sector in addition to the oil and gas sectors could be targeted.
"It's mostly about oil and gas, but there are other sectors too. I don't wanna specify them, but I think [Russian President Vladimir] Putin would know what those are," Singh added.
Responding to a question about what Putin could do so that the US lifts its sanctions, Singh said that it does not appear to be likely in the near future.
"Well, we're nowhere near that point. The first thing he has to do is to stop - a reckless and barbaric attack on the civilians of Ukraine. That's not happening," he noted.
He also predicted that Russia's economy would be "half the size it was before" the launch of the special military operation in Ukraine.
Commenting on whether the true purpose of sanctions is to force a change in the nature of power in Russia, he said that "our purpose, is to make sure that Putin's actions are remembered as a strategic failure."
However, he claimed that US officials are "not cowboys and cowgirls pressing buttons to destroy an economy," although the White House does want "to demonstrate resolve, that sanctions should have the power to impose overwhelming costs on your target."
It is worth mentioning that Singh refused to elaborate on how the White House might respond if Beijing begins to actively back Moscow.
"We've been very clear with China about any support for this invasion and any help it may provide Russia in evading sanctions. And we've also made it clear what those consequences would be," he concluded.
Sanctions on Russia will cost the US, EU
In the wake of hysteric sanctions on Russia, the US and the EU have already begun to feel the effects.
European countries have imposed a wide range of sanctions on Russian companies and banks while isolating Russia from the SWIFT financial system is being discussed.
Russian Presidency Press Spokesperson, Dmitry Peskov, confirmed that Russia has the necessary capabilities to compensate for the damage caused by the sanctions.
Meanwhile, the sanctions have already begun to have a painful economic cost, affecting energy prices, inflation, and the price of raw materials.
Just weeks ago, the President of the European Council Charles Michel affirmed that the sanctions imposed on Russia will affect Europe as well, stressing the need to prepare for this situation.
Many of the consequences, such as higher gas, electricity, and food prices, have already occurred or will occur.
German Economy Minister Robert Habeck warned, on Saturday, that Germany cannot yet halt Russian gas supplies, or it will face shortages that will prevent the country from supporting its industry and heating homes next winter.
Meanwhile, US citizens are bearing the brunt of Western sanctions on Russia, as gas prices are rising in a suffocating manner.
US gasoline prices have lately reached the all-time high record of $4.17 per gallon on Tuesday, according to the American Automobile Association (AAA).
On his account, Former Texas industry regulator Ryan Sitton has recently said the world community would require five to 10 years to match Russia's daily production of millions of barrels of oil, according to Sputnik.
As inflation mounts, inequality looms on the horizon— and consumers in the US and the could be hit severely.