There are economic consequences of imposing sanctions, but we must pay the price for peace: Barack Obama | Business Upturn

There are economic consequences of imposing sanctions, but we must pay the price for peace: Barack Obama

Former US President Barack Obama issued a statement condemning the ‘brazen attack’ and expressing solidarity with Ukrainians.

On February 25, a day after Russian military units attacked Ukraine in a special military operation to safeguard separatists, former US President Barack Obama issued a statement condemning the “brazen attack” and expressing solidarity with Ukrainians.

In his statement, Barack Obama, the first African-American President of the United States of America, urged “people of conscience around the world” to condemn Russia’s actions and to support the Ukrainian people.

“Every American, regardless of party affiliation, should assist President Biden’s efforts to impose tough sanctions on Russia – punitive measures that enforce an actual cost on Russia’s autocratic elites,” he said.

On February 24, after Moscow invaded Ukraine, US President Joe Biden slapped Russia with a slew of sanctions, including restrictions on Russia’s ability to transact in major currencies and punitive measures against banks and state-owned enterprises.

Biden called Russian President Vladimir Putin an aggressor with a “sinister vision of the world,” and the invasion a “premeditated attack that will result in catastrophic loss of life and human suffering.” Biden met with the leaders of the G7 countries and US allies to discuss imposing additional sanctions on Russia.

Given Russia’s significant role in global energy markets, Obama noted that such sanctions may have some economic consequences. “But that is a price we should be willing to pay to be on the side of liberty,” he added.

According to Obama, the consequences of Russia’s “reckless actions” extend beyond Ukraine’s borders, as the illegal invasion in the heart of Europe threatens the foundation of the international order and security.

“For some time now, we have seen forces of division and authoritarianism make inroads around the world, mounting an assault on the ideals of democracy, rule of law, equality, individual liberty, freedom of expression and worship, and self-determination,” Obama said.

“Russia’s invasion of Ukraine demonstrates where these destructive trends can lead – and why people must not be allowed to continue,” he added.

On February 24, Russian President Vladimir Putin announced a special military operation in Ukraine, despite weeks of diplomatic efforts to avert war and sanctions imposed on Russia. The 44th US President went on to say that Russia did not attack Ukraine because it posed a threat to Russia, but because the Ukrainian people chose a path of sovereignty, self-determination, and democracy.