US President Joe Biden Extends Sanctions Against Russia, Avoids Confrontation – Bitcoin News


U.S. President Joe Biden decided to extend the sanctions that the U.S. government enacted against Russia for one more year, arguing that the country continues to pose a threat to the security of the nation. Biden had talked about these sanctions before, explaining that the only other option besides them would involve a direct international military conflict.

U.S. President Joe Biden Sustains Anti-Russia Sanctions for One More Year

U.S. president Joe Biden has decided to prolong the sanctions enacted against the Russian Federation for an additional year, on the basis that activities of the country “continue to pose an unusual and extraordinary threat to the national security, foreign policy, and economy of the United States.”

According to Executive Order 14024, issued on April 15, 2021, the Russian government has been conducting “efforts to undermine the conduct of free and fair democratic elections and democratic institutions in the United States … and to violate well-established principles of international law, including respect for the territorial integrity of states.”

This package of sanctions enabled the designation of several Russian entities, including the Russian Duma and its members, and a slew of companies associated with the military-industrial complex of the country. The order was later expanded to identify more individuals and companies aiding the country in evading sanctions.

Two Options: Sanctions or War

The effectiveness of these sanctions, and their expansion, have been questioned by certain analysts, who point out that they have played a part in the processes that many countries, like China and India, are presently pursuing in order to reduce their reliance on the U.S. dollar as a reserve and settlement currency.

Senator Marco Rubio commented on the sanctions, stating that other large governments are creating an alternate international exchange market detached from the dollar. On March, 30 in an interview on Fox News, he declared:

We won’t have to discuss sanctions in five years because there will be so many countries transacting in currencies other than the dollar that we won’t have the capacity to impose sanctions.

Nevertheless, President Biden had expressed his stance on prior and extended Russian sanctions before, considering them as the “most extensive” in history and arguing that they represent an alternative to an immediate military confrontation. In an interview with Youtuber Brian Tyler Cohen posted on February 26, 2022, referring to the sanctions issue, Biden said:

You have two options. Begin a Third World War, go to war with Russia, physically. Or two, make sure that the country that acts so contrary to international law winds up paying a price for having done it.

What do you think about the extension of sanctions against Russia? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being affected by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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