Ex-Ambassador to Russia: Sanctions Could Affect Global Economy

Image: Ex-Ambassador to Russia: Sanctions Could Affect Global Economy Michael McFaul

Tuesday, 29 Apr 2014 10:06 AM

By Wanda Carruthers

  Comment  |
   Contact  |
  Print   |
    A   A  
  Copy Shortlink
The debate over sanctions against Russia for its aggression into Ukraine is between those who want to deter and punish Russian President Vladimir Putin and those who worry about their effects on the global economy, said Michael McFaul, former U.S. ambassador to Russia.

President Barack Obama on Monday issued a new round of sanctions aimed at deterring Putin from further interference in Ukraine. Russian markets responded with a rally, as the RTS Index gained as much as 2.1 percent Monday.

"The debate is between those who want to deter Putin and punish him versus those who worry about the global economy," McFaul told MSNBC's "Morning Joe" on Tuesday.

McFaul said Obama is "balancing those two objectives." He said sanctions against Russia's banking sector and oil and gas industries would "reverberate" throughout the rest of the world.

Some lawmakers have called for sectoral sanctions against Russian industries, including mining, financial institutions, and energy. McFaul cautioned that sectoral sanctions could do more than harm just Russia's economy.

"That's going to hurt, first and foremost, the Europeans, and maybe our economy," he said. "On the one hand, [Obama] wants to push back on Putin. On the other, he doesn't want to precipitate a global recession."

It doesn't do any good to sanction someone "to change their behavior," McFaul said. Rather than deter Russian aggression, "Putin's going to dig in" as a response to sanctions.

Related Stories:

© 2014 Newsmax. All rights reserved.

  Comment  |
   Contact  |
  Print   |
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Sony Hackers Taunt FBI, 'Congratulate' Its Success

Saturday, 20 Dec 2014 20:06 PM

A new message claiming to be from the group responsible for the Sony Pictures hack appears to mock the FBI, which named  . . .

US Turns to China to Help Stop NKorean Hackers

Saturday, 20 Dec 2014 19:42 PM

The Obama administration is seeking China's help in stopping North Korea from launching future cyber-attacks, the New Yo . . .

RNC to Theaters: 'We Cannot Be Bullied,' Show 'Interview'

Saturday, 20 Dec 2014 19:20 PM

The Republican National Committee is urging theater owners to play the The Interview following Sony's decision to pull . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved