US officials are currently deciding whether or not they should launch a wide set of sanctions on Russia in an attempt to prevent the nation from invading Ukraine
The proposed sanctions allegedly include actions against Putin’s inner circle and Russian energy producers.
There is also one option that would see Russia removed from the SWIFT international payment system used by banks around the world.
Officials say the final decisions haven’t been made, as Biden continues talks with European counterparts over how best to deal with the critical situation.
Many of these European nations have closer economic relationships with the Kremlin… and it’s hoped this will help coordinate action.
A senior administration official told CNN that the US is prepared to take “substantive economic countermeasures” meant to inflict “significant and severe economic harm on the Russian economy” if Putin does move forward with Ukraine military escalation.
This comes as Biden prepares to speak with Putin via video chat on Tuesday.
