There are some tough sanctions in the UK plan but I think that offers a hint at what Biden will offer. He’s now set to speak in an hour at 1:30 pm ET.
The UK sanctions don’t go after any of Russia’s major exports:
Some of that will be complicated by difficulty banking but if there’s an export market, there’s usually a way to pay for it.
What’s also important to keep in mind is that this is likely the point of maxiumum pressure. Emotions and the appetite to punish Russia probably won’t be any higher than it is right now.
So ultimately this might not mean too much to the global economy. Though I certainly think that military spending is going up and there will remain a premium in all commodities because the risk isn’t going away.
That said, Russia also has the opportunity to limit its own exports and that could do just as much damage.