There has also been a lot of debate about imposing penalties on Moscow. If Putin sends his military into Ukraine, the US and its European allies have publicly committed to strike Russia financially like never before.
Western countries have put their muscle behind Ukraine, although some have been more forceful than others. Weapons have been provided by the United States and the United Kingdom to Ukraine, while Germany promises to send a field medical centre next month but will not contribute military equipment.
There has also been a lot of debate about imposing penalties on Moscow. If Putin sends his military into Ukraine, the US and its European allies have publicly committed to strike Russia financially like never before. Leaders have revealed few details, reasoning that it is best to keep Putin guessing, but both Washington and London have mentioned personal actions aimed at Putin.
Cutting Russia out of the SWIFT banking system, which transfers money from bank to bank throughout the world, would be one of the most tough economic actions Russia could face, causing immediate and long-term economic damage to Russia.
Russia might be cut off from most international financial activities, including overseas revenues from oil and gas production, which account for more than 40% of the country’s revenue.
With dollars continue to dominate global financial transactions, with trillions of dollars changing hands every day, The US also has one of the most powerful financial weapons against Russia restricting access to the US currency.
Finally, the US is considering implementing export curbs, which could cut Russia off from high-tech that enables warplanes and passenger flights fly and operates smartphones in the country, among other things.