The sanctions war against Russia

 Washington Examiner:

President Joe Biden delivered stern remarks on Russia's "unprovoked and unjustified" attack on Ukraine during an address at the White House Thursday afternoon.

Biden laid out additional sanctions during the address, including locking out Russia and Russian citizens from global financial systems.

...

The nations opposing Russia's actions represent more than half of the global economy, Biden said, and Russians will not be able to deal in U.S. dollars, Euros, Pounds or Yen for the foreseeable future. The Russian ruble is at its weakest level ever.

Other sanctions include cutting off the five largest Russian banks, which together hold $1 trillion in assets, from the U.S. financial system. Individual "Russian elites" and their families will be sanctioned as well.

The U.S. will cut off Russia's largest state-owned enterprises, along with more than half of the country's high-tech imports, which Biden predicted would slowly erode Putin's economic and military goals over time.

Biden said Putin will be "a pariah on the international stage" going forward, as will anyone associated with him.

...

The Brits and European allies are also said to be imposing unprecedented sanctions against Russia.  I suspect that Putin already calculated that in his decision and decided to go ahead with his move.  It will be interesting to see what markets beyond China will be open to Russian oil and gas.

Apparently, Biden does not expect sanctions will be effective:

...

Joe Biden said some unbelievable things during his remarks on Thursday about Russia’s invasion in Ukraine.

Chief among them was this remark that jumped out to many: that “no one expected sanctions would prevent anything.”

...

Others in the administration claimed they would work.  Perhaps Biden was just wondering off message again. 

See, also:

European allies declare Russian attack on Ukraine threat to NATO territory under Article 4

But: 

New Sanctions on Russia Do Not Block Russian Oil and Gas

They can't be too serious if they don't even block Russia's primary source of income that financed their war, to begin with. 

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