President Biden even announced extensive sanctions on Thursday against the Russian oligarch class. Many of the individuals mentioned — including Dmitri S. Peskov, Mr Putin’s spokesman and one of his closest advisers — are among his most influential defenders and beneficiaries of the system he has created.
Mr Biden, who read out a prepared statement and did not answer questions, said the sanctions have “already had a profound impact”.
Hours after he spoke, S&P downgraded Russia’s credit rating to CCC, the rating agency said in a statement. That’s well below the junk bond level Russia was on a few days after the invasion, and just two steps above a warning that the country would default.
It suggested that Mr Putin’s attempt to “sanction-proof” his economy had largely failed. And for now, there is no discernible shutdown for the Russian leader other than to declare a ceasefire or withdraw his troops — steps he has so far been unwilling to take.
During a press conference at the White House on Thursday afternoon, the press secretary, Jen Psaki, said she knew nothing of attempts to show Putin a way out. “I think they are marching in a convoy to Kiev right now and are allegedly continuing to take barbaric steps against the people of Ukraine. So it is not the time when we offer opportunities to reduce sanctions.”
Still, a senior foreign ministry official, who asked about the government’s debates about the future risks, said there were nuances in the government’s approach that point to potential outs for the Russian leader.
According to the official, Mr Biden’s policy was not aimed at pursuing regime change in Russia. The idea, he said, was to influence Mr Putin’s actions, not his grip on power. And the sanctions, the official noted, were not intended as punishment, but as leverage to end the war. They will escalate if Mr Putin escalates, the official said. But the government would calibrate its sanctions and perhaps reduce them if Mr Putin starts to de-escalate.