But one thing they have not yet done are sanctions, which members of Congress are pushing for to do in advance of a Russian invasion. If Putin invades, sanctions are likely to come very fast for Russian state-owned banks, individuals involved in the invasion, and against anyone globally for trading in new Russian debt. This will cut off a number of critical financial lifelines for the Russians. It'll have significant cost for the West, however, as it could dramatically increase energy prices and potentially cut off supplies for Western European countries that rely on Russian gas.
Politically, if the Biden administration's unable to stop an invasion, it will contribute to a narrative that undermines the foreign policy credibility that Biden ran on in 2020, and will be another major drag on Biden's approval ratings, which have already suffered due to high inflation and the ongoing pandemic.
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