The European Parliament passed a nonbinding resolution in the spring calling for such a move should Russia invade Ukraine, and the US has been discussing it with EU counterparts. This is being considered a “nuclear” option. Officials have also been weighing disconnecting Russia from the SWIFT international payment system, upon which Russia remains heavily reliant, according to two sources familiar with the discussions. They are also likely to go after top Russian oligarchs, limiting their ability to travel and potentially cutting off access to American banking and credit card systems. The new sanctions could also go after Russia’s sovereign debt. People familiar with the discussions said new economic sanctions could target a variety of sectors, including energy producers and Russian banks. The official declined to specify what economic sanctions were under consideration, but said the US had engaged in “intensive discussions with our European partners about what we would do collectively in the event of a major Russian military escalation.” “We believe that there is way forward here that will allow us to send a clear message to Russia there will be genuine and meaningful and enduring costs to choosing to go forward - should they choose to go forward - with a military escalation,” the official said, briefing reporters ahead of Biden’s planning video call with Putin on Tuesday.

The officials said final decisions hadn’t been made on whether and when to apply the new sanctions, and said the Biden administration is currently in talks with European partners - many of whom have closer economic relationships to Russia - in the hopes of coordinating action.Ī senior administration official said Monday the US was prepared to take “substantive economic countermeasures” meant to inflict “significant and severe economic harm on the Russian economy” should Putin go ahead with a military escalation in Ukraine. They include new actions against members of Putin’s inner circle and on Russian energy producers, and one potential “nuclear option” - disconnecting Russia from the SWIFT international payment system used by banks around the world.

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