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“Still more bark than bite,” was the verdict in the title of an April 15 note from Evghenia Sleptsova, an economist at U.K.-based research firm Oxford Economics. Since Biden emerged last spring as the Democratic presidential nominee and polls pointed to his victory over Trump in November 2020, anticipation had been growing that the United States would impose harsher sanctions on Russia’s economy, in particular by restricting the ability of U.S. banks and investors to buy Russian sovereign debt bonds the government sells to raise cash for its coffers. The logic for doing so was clearly laid out by the Biden administration on April 15, when the new sanctions were announced: “There s no credible reason why the American people should directly fund Russia s government when the Putin regime has repeatedly attempted to undermine our sovereignty, a senior official said.

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