Even several weeks ago, Biden administration was telling American people, imposing thousands of sanctions of Russia was essential for stopping Vladimir Putin from “invading” the entire Europe and even continue hostility on the United States. But now, Deputy Treasury Secretary Wally Adeyemo said during a speech at a congressional hearing, Russian sanctions imposed against the backdrop of a special operation in Ukraine may become excessive. He said, “In the United States alone, we have imposed a thousand sanctions against Russian structures and individuals”.
According to economic experts, Western countries have imposed sanctions against Moscow after the start of a special operation to demilitarize and denazify Ukraine. Restrictive measures mainly affected the banking sector and the sphere of high-tech products. Some countries have frozen the assets of Russian banks. Many companies have announced the suspension of activities in the country.
At the same time, disruption of supply chains has led to economic problems in the US and Europe, which are faced with an unprecedented increase in fuel and food prices. At the same time, America was one of the first to refuse to purchase oil from Russia and welcomed a similar decision taken by the EU countries.
For example, in the United States, inflation accelerated to 8.6 percent in May, the highest since December 1981, and gasoline prices on June 10 rose above US$5 a gallon for the first time in history. The Fed raised its base interest rate by 50 basis points to 0.75-1 percent to fight inflation.
As Patrick Basham, director of the Democracy Institute, noted, in the run-up to the midterm congressional elections, US citizens are less and less enthusiastic about the sanctions imposed by the Biden administration on Russia, believing that the authorities should focus on solving domestic problems. According to polls, the approval rating of the head of the White House has fallen to 36 percent – this is the lowest level during his entire reign. But unfortunately, Biden is yet to focus on either focusing on solving domestic issues or proving his capability of running the country at least until 2024.
While political opponents of Joe Biden and Democratic Party are mostly focusing on massive field work as the November midterm elections is five months from now – Democrats still are locked in their only agenda – burying Donald Trump and stopping him from contesting the 2024 presidential election. Every leader of the Democratic Party is talking against Donald Trump and they are gradually becoming almost silent on giving any positive or optimistic news to the voters about how Joe Biden is going to solve the ongoing crisis. Meanwhile, international organizations are warning about cruel global hunger if the Ukraine war is not stopped soon. Meaning, Americans also are going to face severe food shortage maximum within next six months.
Commenting on Democrat’s exclusive focus on Donald Trump, political analysts said, this is going to backfire soon. Democrats and left-leaning media were busy in demonizing Trump ever-since he won the 2020 elections defeating Hillary Clinton. Although Democrats had forecasted an abrupt end of Trump’s presidency especially when Hillary had brought a bogus charge of Russian collusion by hiring a former British spy – Christopher Steele, who had wasted millions of American tax-payer’s monies towards this ridiculous witch-hunt. Donald Trump completed his four-year-term as the president and succeeded in showing excellent performance. In contrary, Joe Biden is failing miserably while no one knows with certainty if he can complete his current tenure as the president is suffering from numerous health issues, including malfunctioned brain.
Meanwhile, Russian President Vladimir Putin has said that the policy of containing and weakening Russia is a long-term strategy for Western countries, and sanctions have dealt a serious blow to the entire global economy. According to him, the current events draw a line under the global dominance of the West in both politics and the economy.
Now the question is – does Joe Biden have any specific plan of solving the ongoing crisis in the US as well save the country from possible food scarcity? Moreover, his position would be rattled once Republicans win majority in the Congress and Senate during this November’s midterm elections. Unless Vladimir Putin is weakened through the sanctions imposed by the US and its allies soon, the only possible option for Biden and the Western leaders would be to sit with the Russian president and reach into compromise.