US threatens to use new export controls to harm Russia’s strategic industries if Moscow invades Ukraine

The combination of financial sanctions and export controls would inflict immediate and long-term suffering. The impact of financial sanctions, which could apply to Russia’s largest banks as well as civil aerospace, maritime or emerging technology companies, would likely be felt first, experts say. Banking sanctions in particular would likely drive up Russian inflation and trigger a ruble devaluation, they say. Export controls, on the other hand, are getting stronger over time, as the cumulative effect of companies cutting off sales to Russia begins to hurt industrial production.

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