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Biden’s First Salvo of Russia Sanctions Hits With Thud, Not Roar

  • U.S. says penalties will work, but lawmakers demand more
  • Biden tactics risk tempting Putin to widen Ukraine aggression
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WATCH: U.S. President Joe Biden says Russian President Vladimir Putin’s recognition of two separatist republics in eastern Ukraine is the beginning of Russia’s invasion. Biden adds that his administration will work with Germany to halt Russia’s controversial Nord Stream 2 gas pipeline.Source: Bloomberg
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U.S. President Joe Biden’s debut set of sanctions on Russia for its actions over disputed Ukrainian territory hit markets with a whimper and were quickly criticized as limited in scope. 

Instead of a sweeping package that crippled top Russian banks, cut its financial transactions off from the global economy, or personally singled out President Vladimir Putin, the U.S. and its allies settled on a modest “first tranche” of penalties. Markets responded with a shrug.