Economics professor breaks down what sanctions against Russia mean
News 12's Jonathan Gordon spoke with a Pace University economics professor about what sanctions against Russia mean for the world.
Tough financial penalties were handed out Thursday - do they have strong enough teeth?
Only time will tell - and President Joe Biden acknowledged they may not have an immediate impact but he's looking long term.
The new sanctions include blocks on technology exports, as well as on banks and high-level Russian billionaires and their families with close ties to the Kremlin.
The goal is to make business and trade more difficult for banks and harder for businesses to raise money and operate.
The export limits will cut more than half of Russia's current high-tech supply which will severely hurt its ability to upgrade its military and space program.
"Isolate Russia from the global financial system to shut down its access to cutting edge technology, and undercut Putin's strategic ambitions to diversify and modernize his economy," explains U.S National Security advisor Daleep Singh.
Biden did not go after one of the toughest possible sanctions -- banning Russia from the SWIFT financial system which moves money around the world.
He cited concerns from European allies about their own economies if that happens.
Pace University economics professor Mark Weinstock says denying Russia to the SWIFT system would be the most punishing move.
"They rely on international banks for a payment mechanism, to transfer funds, to engage in large trade transactions, and they'll be denied this." he says.
Biden said sanctions directly against Putin and other additional broader punishments against Russia are still on the table.
Meantime, the Yobnkers community is expected to gather for a prayer for peace Friday night and for Sunday morning service at St. Michael's Ukrainian Catholic Church.
Yonkers Mayor Mike Spano and Westchester County Executive George Latimer are expected to attend.