Since Russia’s invasion of Ukraine, the U.S. and Western allies have sought ways to increase pressure on Putin to end his war. Among those ways is sanctions and bans on Russian energy imports.
- Clay Lowery, executive vice president of research and policy at the Institute of International Finance and former assistant secretary for international affairs at the Treasury Department, said his organization expects the Russian economy will drop by about 15% this year, a significant amount, as a result of sanctions.
- There is essentially no way to punish Putin with sanctions without taking somewhat of an economic hit in the United States, he said.
- The European Union has proposed a ban on all imports from Russia by the end of the year. Lowery said it would be significant but some countries have not yet agreed to it because they are so dependent on Russian oil exports.
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- A person skates past a gas station advertising gas prices on March 25, 2022 in Los Angeles, California. According to AAA, the average price for one gallon of regular self-service gas in Los Angeles was $6.05 per gallon today. According to GasBuddy, Los Angeles became the first major U.S. city to hit an average gasoline price of $6.00 or more. (Photo by Mario Tama/Getty Images)
