Individual companies and oligarchs were also targeted in 2018, most prominently key Putin ally and president of aluminium firm Rusal, Oleg Deripaska.Д®arlier this year, Biden also stepped up a ban on US banks dealing in RussiaвЂ™s rouble and non-rouble denominated bonds to push up its borrowing costs. Russian banks were effectively shut out of capital markets seven years ago following bans in the US and Europe on dealing in their securities. According to Jake Sullivan, his national security adviser: вЂњPresident Biden looked President Putin in the eye and told him that things we did not do in 2014, we are prepared to do now.вЂќДЄnonymous White House briefings suggest that could include shutting off RussiaвЂ™s strategically critical Nord Stream 2 gas pipeline to Germany or stifling its already weak economy by booting it out of the Swift international payments system used by more than 11,000 financial institutions globally.ДЇormer Russian Prime Minister Dmitry Medvedev declared in 2019 that such a move would be tantamount to a вЂњdeclaration of warвЂќ - something the Biden administration appears ready to do.Д®ven as the US President considers tougher medicine, existing measures have already had an impact.

Now in the Oval Office himself, Biden seems determined to take a harder line after tense talks last week. The West reached for sanctions but the Russian bear was undeterred. The Democrat was Vice-President when Russian forces annexed the Crimea almost eight years ago and the US stood by - seen as one of Barack ObamaвЂ™s weakest moments on the foreign stage. US President Joe Biden shakes hands with Russian Prime Minister Vladimir Putin - Alexander Zemlianichenko /APДЄs Vladimir Putin amasses 70,000 troops on the Ukrainian border, Joe Biden is threatening a вЂњshock and aweвЂќ campaign of financial warfare which could bring its adversary to its knees.

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