The U.S. and its European allies vowed Sunday to isolate Russian President Vladimir Putin and punish his nation’s economy, demanding he withdraw what they called an occupation force from Ukraine’s Crimean region.
Russian President Vladimir Putin
Washington began canceling joint economic and trade initiatives with Moscow, including preparations for the summit of the Group of Eight leading nations scheduled to be held in Sochi, Russia, in June.
Senior U.S. officials said the administration was also beginning discussions with Congress on implementing targeted economic and financial sanctions on Russian companies and leaders if the Kremlin didn’t begin pulling back from Crimea.
“Russian forces now have complete operational control of the Crimean peninsula, some 6,000-plus airborne and naval forces, with considerable materiel,” a senior official said. “There is no question that they are in an occupation position in Crimea, that they are flying in reinforcements, and they are settling in.”
Officials in Washington and around Europe were searching for penalties to impose on Moscow, while acknowledging military intervention wasn’t among the possibilities.
Russian troops surround Ukraine Crimea military base
Hundreds of Russian troops surround a Ukranian military base in Crimean town of Perevalnoe early Sunday morning. Photo: Getty Images
Still, the officials contended that the weakening of Russia’s economy and the sagging value of its currency, the ruble, were Mr. Putin’s Achilles’ heel.
“We are looking at a broad menu of options to curtail our trade and economic relationship” with Russia, said a senior U.S. official Sunday night. “This will have an enormous cost for the Russian economy.”
Late Sunday, members of the Group of Seven leading nations issued a joint statement condemning Russia’s “clear violation of the sovereignty and territorial integrity of Ukraine” and said they would suspend their participation in activities associated with the preparation of the G-8 summit, “until the environment comes back where the G-8 is able to have meaningful discussion.”
G-7 finance ministers, meanwhile, stressed their commitment to providing strong financial backing to Ukraine.
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