Senators propose sanctions if Russia invades Ukraine

The Chairman of the U.S. Senate Foreign Relations
Committee, Bob Menendez (D-NJ), added an amendment to the Defense Spending Bill
requiring the Biden Administration to lay sanctions against a variety of Russian
entities and transactions if Russia further violates the borders of Ukraine.
The amendment, added on Nov. 18, includes sanctions against political figures,
Nord Stream II, financial institutions, and sovereign debt transactions on both
the primary and secondary markets, axios.com reported on Nov. 19.

The amendment comes as Senate Republicans complain
that their own bill calling for sanctions remains stalled due to what Senate Majority
Leader Chuck Shumer (D-NY) said is a language issue. However, Axios points out
that the Republican version would require sanctions against Nord Stream II now,
and that Menendez’ version requires a decision on the part of the president to
determine that the sanctions need to be implemented.

James Hydzik: Menendez’ version of the sanctions is more likely to pass, given the
current composition of the Senate. However, the memory of the lack of action on
the part of the Biden administration concerning the sanctions against Nord
Stream II lingers. The threat of sanctions on both the primary and secondary
markets for sovereign debt is serious, but the case for wielding this sanction
will have to be made – and transmitted – quite clearly and strongly. Otherwise,
Russia will pay more attention to Biden’s climb-down.