Indian-American economic advisor leads Biden admin in executing sanctions on Russia

Washington, February 23

Indian-American economic advisor Daleep Singh is leading the efforts of the Biden administration to impose punitive sanctions on Russia over its actions against Ukraine.

Russian President Vladimir Putin on Monday signed decrees to recognise Ukraine’s regions of “Donetsk and Luhansk People’s Republics” as “independent”, escalating the tension in the region and increasing fears of Moscow’s invasion of Ukraine. He also ordered Russian troops into eastern Ukraine in what the Kremlin called a “peacekeeping” mission in the Moscow-backed regions.

Singh, who is Deputy National Security Advisor for international economics and Deputy Director of the National Economic Council, made his second appearance in the White House Press Room in a matter of days.

White House Press Secretary Jen Psaki said that he is “back by popular demand” given the key role Singh is playing in this Russia policy of the administration.

“Russia’s long previewed invasion of Ukraine has begun and so too has our response. Today, the president (Joe Biden) responded swiftly and in lockstep with allies and partners. The speed and coordination were historic… It took weeks and months to mount a decisive response,” Singh told reporters in his opening remarks.

Singh said that after consultations overnight with Germany, Russia’s Nord Stream 2 natural gas pipeline will not become operational.

That is a USD 11 billion investment in a prized gas pipeline controlled by Russia that will now go to waste, and it sacrifices what would have been a cash cow for Russia’s coffers, he said.

It is not just about the money, this decision will relieve Russia’s geostrategic chokehold over Europe through its supply of gas, and it’s a major turning point in the world’s energy independence from Russia.

“Second, we’ve demonstrated the potency of our financial sanctions and make no mistake, this is only the sharp edge of the pain we can inflict.