Biden Set to Become President With Most Economic Sanctions in US History
As the 2024 presidential election approaches, President Joe Biden is shaping up to become the most sanctions-heavy president in U.S. history, with his administration’s actions far exceeding those of his predecessors. According to recent data, Biden’s sanction policies, particularly targeting Russia since the 2022 Ukraine war, have pushed the U.S. sanctions list to unprecedented levels, sparking debates about their long-term impacts and effectiveness.
Biden’s approach to sanctions initially aligned with those of past presidents, but following Russia’s invasion of Ukraine in February 2022, his administration introduced sweeping measures against Moscow. This rapid escalation, intended to penalize Russia for its military actions, quickly turned Biden into the president with the most significant number of sanctions-related actions in U.S. history.
Statistics from the Office of Foreign Assets Control (OFAC) indicate that since Biden took office in 2021, there have been over 420 new updates to the Specially Designated Nationals and Blocked Persons (SDN) List. These additions mark a 15.5% increase over Trump’s four-year administration, which added 362 updates, and dwarf the total updates during the Obama and Bush years.
The SDN List, maintained by the U.S. Treasury Department, serves as a barometer for the intensity of U.S. economic restrictions. Since Biden assumed office, over 2,500 individuals have been added, with sanctions against Russia accounting for over 61% of new listings in 2023. This aggressive strategy has drawn criticism and led many to question whether these sanctions have achieved the intended effect or merely burdened the global economy.
A Ripple Effect on Global Markets
Critics argue that Biden’s unrelenting sanctions have done more harm than good, triggering a global ripple effect. Russian officials have claimed that these economic restrictions are responsible for surging energy prices and supply chain disruptions, affecting countries worldwide. European nations, heavily reliant on Russian energy, have faced significant fuel and electricity price hikes, further straining their economies.
Meanwhile, Russia has portrayed itself as resilient under the sanctions, asserting that it is weathering the economic storm. President Vladimir Putin has claimed that Russia’s internal resources and alternative trade partners have allowed the country to adapt. Russian officials argue that Western economies, including the U.S., are bearing the brunt of the sanctions’ consequences through elevated energy and food costs.
Rising Concerns Over Sanction Efficacy
As Biden’s sanction policies continue, questions about their effectiveness have intensified. Many conservatives and some economists argue that the sanctions have failed to compel significant behavioral change from Moscow, which continues its military operations in Ukraine. Opponents of Biden’s approach suggest that sanctions have instead fueled anti-U.S. sentiment abroad and fostered stronger alliances between Russia and other nations, including China and Iran.
With Kamala Harris running for re-election as Biden’s vice president against former President Donald Trump, who has been critical of Biden’s foreign policies, the issue of sanctions has become a flashpoint in the campaign. Trump’s supporters argue that the sanctions-heavy approach under Biden has destabilized the global economy, with the U.S. seeing limited benefits. They contend that Biden’s policies are not only ineffective but detrimental, making it harder for American businesses to operate abroad while worsening economic conditions at home.
Looking Ahead
As the election draws near, Biden’s sanctions record has become a contentious issue, with opponents questioning the wisdom of his aggressive approach. While Biden defends the sanctions as necessary to uphold global order, critics argue that the strategy has inflicted widespread economic harm without achieving its core objectives. The American people will soon have their say on Biden’s legacy, with sanctions as a key factor shaping their decision at the polls.
