In seeking to inflict pain on Russia, however, the U.S. strategy threatened to have wider economic consequences. The Dow Jones industrial average closed down around 800 points on Monday, a drop of about 2.4 percent, as the war unleashed another tumultuous day of trading on Wall Street. The tech-heavy Nasdaq fell around 480 points, or 3.6 percent.
Oil and gas prices also remained high, with the national, per-gallon average at the pump exceeding $4, according to AAA. The tracking service GasBuddy, meanwhile, estimated Monday that prices actually broke the existing U.S. record set in 2008.
It is unclear how the newly proposed U.S. ban on Russian crude might affect the global economy. But the prospect for further disruption prompted top officials in the Biden administration and leading lawmakers in Congress to acknowledge the possible burden — and begin to explore ways that they might spare American families from bearing any additional costs.
“I would note that what the president is most focused on is ensuring we are continuing to take steps to deliver punishing economic consequences on [Russian President Vladimir] Putin, while taking all action necessary to limit the impact to prices at the gas pump,” White House press secretary Jen Psaki said at her daily briefing Monday.
Unveiled by a quartet of tax and trade-focused policymakers on Capitol Hill, the new, bipartisan agreement would limit Russian energy imports, suspend normal trade relations between the United States and the Kremlin and task the Biden administration to seek Russia’s suspension from the World Trade Organization. The trade penalties would also apply to Belarus, a key Russian ally in the Ukrainian conflict, according to the four members of Congress who crafted the deal.
“Taking these actions will send a clear message to Putin that his war is unacceptable and the United States stands firmly with our NATO allies,” they continued, adding that Congress still needs to “do more.”
Signing the statement were Reps. Richard E. Neal (D-Mass.) and Kevin Brady (R-Tex.), the top lawmakers on the House Ways and Means Committee, and Sens. Ron Wyden (D-Ore.) and Mike Crapo (R-Idaho), who oversee the Senate Finance Committee. The lawmakers did not share the full text of their plan.