FT: US, Allies Develop List Of Sanctioned Elites If Ukraine Invaded

The FT is reporting that a senior White House official has confirmed that the US and its allies are finalising a list of senior Russian elites that will face punitive sanctions should Russia invade Ukrainian territory.

• The FT reports the unnamed official as stating that, "The individuals we have identified are in or near the inner circles of the Kremlin and play a role in government decision making or are at a minimum complicit in the Kremlin’s destabilising behaviour...Sanctions would cut them off from the international financial system and ensure that they and their family members will no longer be able to enjoy the perks of parking their money in the west and attending elite western universities,”
• The targeting of President Vladimir Putin's innner circle, as well as the broader Russian banking and financial system, with sanctions is seen to be a double-hit on Putin's willingness to invade Ukraine. Sanctions on the Russian financial system risk making an already poor economic outlook for Russia materially worse, impacting living standards and risking a public backlash. Sanctions on wealthy elites risks Putin losing support from an important and powerful section of Russian society, with the risk that the president swiftly finds himself with few allies willing to keep his regime in power.