How America Wasted Its Most Powerful Economic Weapon
In the months leading up to February 24, 2022, the day Vladimir Putin launched a full-scale invasion of Ukraine, Joe Biden warned that such an action would trigger “the most severe sanctions that have ever been imposed”—a threat that many European leaders echoed.
To Daleep Singh, the White House’s top international economic adviser at the time, Biden’s threat could mean only one thing: freezing Russia’s central-bank reserves.