US Democrats Propose Sanctions on Russia's Putin, Military, and Companies Over Ukraine Invasion

[Asia Economy Reporter Yujin Cho] Democratic senators in the U.S. Senate have introduced a bill to impose comprehensive sanctions on Russian President Vladimir Putin, the Russian government and military officials, and major financial institutions if Russia invades Ukraine.

According to major foreign media on the 12th (local time), Senator Bob Menendez, a Democrat and chairman of the Senate Foreign Relations Committee, stated in a press release that "the U.S. Senate will make it clear that it will not stand idly by in a situation where Russia threatens to re-invade Ukraine."

The bill, named the "Ukraine Sovereignty Protection Act," was co-sponsored by 25 Democratic senators including Chuck Schumer.

According to The Washington Post (WP), the bill also targets Russian companies that provide the Society for Worldwide Interbank Financial Telecommunication (SWIFT) system, which handles global interbank fund transfers and message exchanges.

The intention is to block Russia's international financial transactions entirely by cutting off SWIFT access.

Additionally, the bill includes provisions for the U.S. State Department and Department of Defense to strengthen Ukraine's defense capabilities and deepen security assistance.

Specifically, the Biden administration is tasked with determining whether Russia is deliberately pushing hostile actions against Ukraine and whether it intends to occupy Ukraine.

The bill also contains provisions to review sanctions related to the Nord Stream 2 gas pipeline connecting Russia and Germany.

Russia forcibly annexed the Crimean Peninsula, which belongs to Ukraine, in 2014, and since last year has deployed about 100,000 troops near the Ukrainian border. In response, the U.S. and other Western countries have raised concerns about a full-scale Russian invasion of Ukraine, leading to heightened tensions.

Regarding the possibility of an invasion of Ukraine, the U.S. and Russia held negotiations in Geneva, Switzerland, on the 10th, but after more than seven hours of talks, they only confirmed disagreements and ended without significant progress.

Russia insists that the U.S. must first accept Russia's security guarantees, including a ban on Ukraine joining the North Atlantic Treaty Organization (NATO).

In this context, the ruling Democratic Party is seen as pressuring Russia through the sanctions bill and providing lateral support.

There is also an interpretation that this bill aims to counter a Russia sanctions bill introduced by Republican Senator Ted Cruz.

Unlike the Democratic bill, which calls for reviewing sanctions related to Nord Stream 2 only if Russia invades, Senator Cruz's bill includes provisions to impose related sanctions regardless of whether an invasion occurs.

The White House has also expressed support for the Senate bill. Emily Horne, spokesperson for the White House National Security Council (NSC), said, "This bill will impose severe costs on the Russian economy."

Regarding Senator Cruz's bill, she opposed it, saying it "does not respond to additional Russian hostile actions or protect Ukraine" and could remove leverage held by the U.S. and its allies.

This content was produced with the assistance of AI translation services.