In a show of unity, Republican and Democratic lawmakers swiftly condemned Russia’s military attack against Ukraine and vowed to inflict economic pain on President Vladimir Putin by imposing a torrent of punishing new sanctions. Sen. Marsha Blackburn, R-Tenn., said she wants Russia cut off from the SWIFT international banking system. Sen. Lindsey Graham, R-S.C., called on international law enforcement to target Putin and his allies by seizing their “lavish apartments, fine art, yachts” and other items.  And Sen. Thom Tillis, R-N.C., said the U.S. must continue to send financial support and arms to Ukraine as it defends itself against Russia.  “Today’s invasion of Ukraine by Russia is a premeditated and flagrant act of war,” said Sen. Jim Risch of Idaho, the top Republican on the Foreign Relations Committee. “These are not the actions of a proud nation and people, but the actions of a desperate man whose only desire is to sow chaos in order to make himself look strong.” His Democratic counterpart, Senate Foreign Relations Chairman Bob Menendez of New Jersey, said Putin’s “unprovoked attack” has underscored the need to blacklist the Russian president and “expel the current Kremlin leadership from the international community.” “Today must mark a historical shift in how the world views and deals with the despot in Moscow,” Menendez said. The flurry of statements and tweets from Capitol Hill came moments after Putin declared Thursday local time in a national televised address that Russia was launching a military operation to support the “demilitarization and denazification” of eastern Ukraine. Explosions could be heard in cities across the country, including in the capital of Kyiv, where emergency sirens sounded. For the most part, Democrats and Republicans struck a bipartisan note, pressing Biden to go further in sanctioning Russia but reserving their fury for Putin. “Following news of Putin’s further invasion of Ukraine with enormous concern and anger,” tweeted Sen. Ted Cruz, R-Texas, typically a vocal critic of Biden. “The US will stand with our Ukrainian allies, continue to provide them with arms to defend themselves, and work to counter Putin and hold accountable those responsible for this aggression.” Rep. Steve Cohen, D-Tenn., who tweeted that he was attending a meeting of the Organization for Security and Cooperation in Europe's Parliamentary Assembly, said he was "listening to Russian lies about their support of Ukrainian people." He questioned how Putin could claim that he wants to "de-Nazify" Ukraine when the country's president, Volodymyr Zelenskyy, is Jewish. "Putin is a wild dog and won’t stop at Ukraine. Hitler didn’t stop at the Sudetenland. Learn from history!" Cohen tweeted. "The United States and all NATO must immediately provide as much military support as possible to the Baltic countries, to Poland, and other allies at risk." And the top Republicans on the House Foreign Affairs, Armed Services and Intelligence committees also took direct aim at Putin. “The last few hours have laid bare for the world to witness the true evil that is Vladimir Putin. …” Reps. Mike McCaul, R-Texas, Mike Rogers, R-Ala., and Mike Turner, R-Ohio, said in a joint statement. “Every drop of Ukrainian and Russian blood spilled in this conflict is on Putin’s hands, and his alone.” Sen. Bill Cassidy, R-La., tweeted, "Russia has just become a pariah nation. Everything short of involving US forces should be done to punish this action. This should be unrelenting." Yet there were a handful of Republicans who placed the blame for the Russian attack at Biden’s feet. “Joe Biden has shown nothing but weakness and indecision,” said Sen. Josh Hawley, R-Mo., who’s considered a possible 2024 presidential candidate. “Now is the time to show strong purpose. Sanction Russia’s energy sector — the engine of its economy — to its knees and reopen American energy production full throttle.” Sen. Bill Hagerty, R-Tenn., a former ambassador to Japan, tweeted that Biden's strategy to prevent a war had failed. "Despite Ukrainian President Zelensky’s persistent call for pre-invasion sanctions, the Biden Administration chose to do nothing until it was too late and must now change course," he wrote. In a statement, Biden said Putin had “chosen a premeditated war” and vowed to unilaterally impose another round of crippling sanctions on Russia on Thursday, just two days after he had targeted Putin with an initial tranche of sanctions. But any congressional action on sanctions will have to wait until at least next week when both House and Senate lawmakers return from their Presidents Day recess.  In the meantime, top Biden administration officials, including Secretary of State Antony Blinken and Defense Secretary Lloyd Austin, are planning to hold an unclassified phone briefing for senators Thursday on the developments in Ukraine.  That will be followed by a separate briefing for House lawmakers. House Speaker Nancy Pelosi and other top Democrats have been comparing Putin’s military incursion to Adolf Hitler’s military advance during World War II, the last time there was a major war in Europe.  “This is a momentous and tragic day when once again we see a dictator in Europe try to remake the map of Europe by using its military power,” House Intelligence Chairman Adam Schiff, D-Calif., said on MSNBC’s “The Last Word with Lawrence O’Donnell.”

As Moscow initiated a full-scale military assault on Ukraine early Thursday morning, launching airstrikes and artillery at military installations across the country and sending troops into major cities, officials in Washington rushed to determine how best to punish Russian President Vladimir Putin. ​​”Putin is the aggressor. Putin chose this war. Now he and his country will bear the consequences,” President Biden said Thursday, noting that the sanctions had been designed to maximize the long-term impact on Russia’s economy. Biden announced new limitations on what can be exported to Russia, “blocks” on four additional Russian banks, including state-owned banks VTB and Sberbank, and further sanctions on Russian elites. The sanctions also target the children of Nikolai Patrushev, an intelligence official with close ties to Putin, and Igor Sechin, head of the Russian oil company Rosneft. Despite weeks of negotiations, members of Congress failed to come up with a bipartisan sanctions package in the month leading up to Russia’s attack on Ukraine. Lawmakers from both sides of the aisle said Thursday that they would support robust sanctions proposed by the White House and are calling for more comprehensive sanctions legislation when Congress returns next week. “The United States and our allies must now totally isolate Russia from the global economy. This includes sanctions on all Russian oligarchs—those who actually hold Putin’s cash—and Russia’s financial and energy sectors, as well as the removal of Russian institutions from the SWIFT system,” Sen. Ben Cardin told National Journal. The U.S., the European Union, and the United Kingdom issued sanctions against Russia earlier this week following Moscow’s recognition of the independence of Donetsk and Luhansk, two regions in Eastern Ukraine that Russian proxy forces have controlled for the past eight years. Experts noted that the European Union’s sanctions were much tougher than many expected, while British Prime Minister Boris Johnson was slammed for failing to issue robust sanctions measures. Washington’s preliminary sanctions package was deemed limited but effective, as Biden left ample room to issue more-crippling sanctions as the situation escalates. “What we’re seeing is the EU is tougher than the U.S.,” said Anders Aslund, an economist specializing in the Russian economy. “The British sanctions were a joke. The EU and the U.S. were working in concert, and Boris Johnson was clowning around.” The U.S. on Tuesday sanctioned two Russian state-owned financial institutions, VEB, a bank described as Putin’s slush fund, and Promsvyazbank, an institution primarily used by Russia’s military. VEB has an office in New York that will be forced to close. Washington also slapped sanctions on three individuals tied to Putin’s inner circle—Denis Bortnikov, Peter Fradkov, and Vladimir Kiriyenko—and placed restrictions on Russia’s sovereign debt. Meanwhile, Biden announced he would lift the White House’s waivers on sanctions against the Nord Stream 2 pipeline. That controversial energy project would have brought Russian natural gas directly into Germany, bypassing Ukraine. Lawmakers from both sides of the aisle applauded the president’s decision. German Chancellor Olaf Scholz, who had previously resisted making public statements about the pipeline, said German regulators would not certify the project. That move will cost Russia billions of dollars. The European Union sanctioned hundreds of individuals, including Russia’s defense minister and the 351 Russian parliamentarians who voted to recognize the independence of Donetsk and Luhansk. Brussels also targeted several people associated with Russian state-owned media, including RT editor-in-chief Margarita Simonyan, a move Washington is not expected to replicate due to the U.S. deference to First Amendment rights. These individuals are now subject to asset freezes and visa bans in Europe. Neither the U.S. nor the EU issued export controls in the first round of sanctions, however. The international community has several options when it comes to sanctioning Russia. One of these is to sanction specific financial institutions operated by people close to Putin, like Gazprombank, Sberbank, and Alfa Bank—which were all targeted Thursday. Another is to issue export controls on items such as semiconductors, which would cut Russia off from Western technology used for military development, and luxury goods. “We’re going to stunt the ability to finance and grow the Russian military. ... We’re going to impair their ability to compete in the high-tech 21st-century economy,” Biden said Thursday. Targeting more individuals close to Putin, or even Putin himself, is also on the table. Sanctions targeting specific sectors of the economy, like energy or metals, and the oligarchs who run those industries could also be painful for Russia. Still, they risk producing a blowback effect on Western economies. Experts expect the U.S. and its allies will continue to ramp up sanctions as events on the ground unfold. But decoupling Russia from the global economy will be difficult. “I think given how severe this invasion is, they’ll start with a pretty high-level implementation to begin with and leave themselves some room to maneuver,” said Fritz Lodge, a principal with the Scowcroft Group specializing in international economic policy. “But Russia is not Iran. This is the 11th-largest economy in the world," Lodge added. "It’s deeply connected to the rest of the global economy. It’s a major commodities exporter—not just energy, but it is also the largest wheat exporter in the world and a significant exporter of fertilizers, chemicals, and industrial additives. There will be painful side effects for European economies and the U.S. with these sanctions.” Russia, furthermore, has amassed significant foreign-exchange reserves estimated to be worth a little over $600 billion and has already reduced its reliance on foreign investment. Both moves will insulate Russia from international sanctions for at least a few months. “You can think of Putin as a geopolitical doomsday prepper,” Lodge said. “If he’s taking these actions, then he’s priced in the fact that it would incur these sanctions.” Many experts have called into question whether sanctions have the power to change Putin’s calculus. International sanctions issued in response to Russia’s annexation of the Crimean Peninsula failed to stop the country from intimidating and ultimately attacking its neighbor, and made only a small dent in Putin’s popularity. Often, the impact of sanctions takes a long time to materialize, experts note. “Sanctions are not a magic bullet,” said Daniel Fried, who was the State Department’s sanctions coordinator when Russia seized Crimea in 2014. “Sanctions can work, but the timeline for them working might mean that the Ukrainian people suffer horribly. We often overestimate what we can achieve in the short run and underestimate what we can achieve in the longer run. But the Ukrainians are living in the window of short-term war. ” Still, Aslund noted that Putin has frequently expressed displeasure when people close to him are sanctioned, arguing that prohibitions on Russians spending money in Europe amount to human-rights violations. “He’s very sensitive, really a bleeding heart when it comes to his friends,” Aslund said.

Senator Ben Cardin (D-MD) sits down with Yahoo Finance Live to talk about past geopolitical aggressions from Russian President Vladimir Putin, carefully applying sanctions on Russia, the energy sector, additional COVID-19 relief funds, inflation, and the federal gas tax. Video Transcript AKIKO FUJITA: Well, we are continuing to follow the latest developments from the Russia-Ukraine border. Several reports of increased shelling there with pro-Russian rebels ordering the evacuation of civilians. Amid those heightened tensions, President Biden is expected to speak this afternoon at 4:00 PM Eastern after he holds a call with NATO allies. And of course, we're going to bring that to you live right here on Yahoo Finance. Let's bring in Senator Ben Cardin of Maryland, who's also on the Senate Foreign Relations Committee. Senator, it's good to talk to you today. I think a lot of people trying to make sense of the headlines that we've gotten this week. Is diplomacy going to take its course? Is Russia-- is a Russian invasion of Ukraine inevitable? Talk to me about what you're hearing and what your biggest concerns are. BEN CARDIN: Well, first, it's good to be with you. Look, the circumstances are extremely dangerous right now. When you take a look at what Mr. Putin has done, the provocative actions he just recently took in Eastern Ukraine, the number of troops that he has on the border fully prepared to do a full incursion into Ukraine, and his past history, what he did in Georgia, what he's done-- this is part of his playbook, to use misinformation and to use everything he possibly can to bring down a country. And he wants to bring down an independent Ukraine. So it's a very, very dangerous situation. What will come next, only Mr. Putin knows. We certainly will not give up on diplomacy if Mr. Putin wants a diplomatic answer. But to now, every indication is that he is determined to use force to bring down the Ukrainian government. AKIKO FUJITA: You and your colleagues in the Senate have called for sanctions or increased sanctions against Russia. And I realize Republican senators have put forward their own sanctions as well. To what extent can these sanctions really have teeth in curtailing Vladimir Putin from scaling back some of those ambitions you just highlighted? BEN CARDIN: Well, to be clear, Democrats, Republicans, House and Senate, are fully behind President Biden and our European allies to make it clear that Mr. Putin will pay a very, very, very heavy price if he does further incursions into Ukraine. There's no dispute about that. We are fully behind the president in that regard. There's many of us who think that Mr. Putin already deserves to have additional sanctions imposed, but that would also, we think, give the president some additional leverage in his conversations with Mr. Putin. But that's more of a strategy issue, rather than our resolve that do everything we can to prevent the incursion. If it happens, the president will have our full support to impose the most serious sanctions, both on sectorial economy, as well as individuals. AKIKO FUJITA: We had your colleague, Senator Jon Tester, on earlier this week, who said, look, I'm all for sanctions, but we also need to be mindful of the economic impact this could have on our allies over in Europe, specifically on energy. How do you view that? Especially if we're talking about something like Nord Stream 2, I mean, number one, what power does the US have in halting that? And how do you think about the consequences for a country like Germany if that is halted, especially given their reliance on natural gas coming in from Russia? BEN CARDIN: Well, Senator Tester is mentioning some important points. But our number one priority is the security of Europe. And if Mr. Putin can overtake a sovereign country by the use of force without consequences, that does not bode well for the future security of Europe or other parts of the world by the use of force to try to change borders. That will have a much more devastating impact on future economies as well as the safety of Europe. So that has to be our primary concern. These sanctions on the energy sector, particularly, we need to long-term have a more secure Europe on energy sources. We know that. But in the short-term, we have to make sure that energy is not used as a weapon, as Mr. Putin is trying to do. That only will lead to bad results. So for all these reasons, we have to stay resolved and resolute in our force to say that we will impose the heaviest possible sanctions if there are further incursions into Russia. AKIKO FUJITA: Let's talk about more domestic issues. You have been, for some time here, calling for additional funds here to combat COVID-19. I know there was a request in from the Health and Human Services Department that called for $30 billion in additional funds. Given how much was spent on this most recent wave for Omicron, where do those discussions stand right now? And how are you thinking about that, number one, in terms of additional budgets that are needed on the health care side to fight the virus, and then the amount of money that could potentially go to small businesses that are still hurting in a big way? BEN CARDIN: Well, we have some unfunded programs now that need to be completely funded. And that is the Restaurant Revitalization Fund. We made certain commitments. The money, it was not adequate. We need to replenish those funds. That should be done as soon as possible. I hope we can get it done in early March. In regards to additional COVID needs, there's clearly a need in our health resources to make sure that we can stay ahead of the next variant. And there's likely to be another variant. So we have to have the funds necessary to do all of the preparation, including vaccination preparations, the therapeutic drugs, protective equipment, testing. All that will require additional resources. And as they're needed, we have to make those resources available. And then we hope we're at near the end of the tunnel in regards to this COVID point, the impact it has on our economy. But if it continues, then we have to be prepared again to step forward, as we did in the past, to make sure that our economy can continue even during a pandemic. AKIKO FUJITA: You talk about the challenges in the economy. Certainly a lot of Americans feeling the pinch from price pressures and inflation now hitting a 40-year high. That has certainly hurt this administration, at least, in the eye of the public. And I wonder where you stand especially on a potential holiday on the federal gas tax. That's something that has been raised by other Democratic lawmakers. The cynical take would be to what extent that can really bring down prices and how much of this is motivated politically. Where do you stand on that? And should there be a bit of a reprieve, given how far up gas taxes have run? BEN CARDIN: Well, I understand that we have to deal with the short-term pressures that American families are sustaining, so I recognize that. But the deal with the causes for inflation, we really do need to deal with the labor force to have more people able to work. And that means in the Build Back Better agenda, affordable child care is critically important. We've got to protect our supply chains as one of the principal reasons why we seeing a shortage of goods, and therefore an increase in price. And that means pass the legislation that is passed by both the House and Senate that needs to be reconciled that would make America more products produced here in our own country. They are the two things I think we can do the most to protect against the impact of higher costs. But we recognize that American families are hurting, and that's why we want to deal with more affordable housing, more affordable educational costs. We want to deal with the cost centers that are affecting American families. AKIKO FUJITA: Specifically on the federal gas tax, though, would you support a suspension? BEN CARDIN: Well, it depends. We have to make sure that there's adequate resources to carry out our infrastructure and our transportation programs. It's not just as simple as a holiday. It's a question of how we're going to adequately fund the needs that are critically important. You know, the transit needs, the road needs, broadband, all these are important services that the American people need, and we have to make sure we can continue to carry out those programs. AKIKO FUJITA: Well, Senator Ben Cardin, we always enjoy having you on the show. I hope to have you back on again soon. Maryland Senator Ben Cardin there joining us today from Baltimore. Coming up, existing home sales--

On February 16, Helsinki Commission Chairman Sen. Ben Cardin (MD) spoke about Russian aggression toward Ukraine with David Westin on Bloomberg's Balance of Power. "You cannot believe anything that Mr. Putin says," he said. "We understand what he is saying for public relations purposes, but to date we have not seen any major withdrawal of troops from the border. Russia did everything necessary to start an invasion. The troops are lined up; the so support personnel are there. So, we are still at a very high-tension level. Obviously, we would do everything we can on the diplomatic front, so that we could avoid what Russia is doing, but they need to have an off ramp and we don’t know whether Mr. Putin wants an off ramp or not."

ZHANGJIAKOU, China (AP) — Legal troubles for the coach and others in Russian figure skater Kamila Valieva’s orbit could emerge in the United States even after her doping case from the Beijing Games has been resolved. Anti-doping experts say the episode falls under the scope of a recently enacted U.S. law that criminalizes doping schemes in events involving American athletes. The law calls for fines of up to $1 million and prison sentences of up to 10 years for those who participate in doping programs that influence international sports. “Doctors and coaches who give performance-enhancing drugs to athletes are directly liable” under the new law, said one of its authors, attorney Jim Walden. “They are at risk of jail, steep fines, and forfeiture. And I suspect the FBI is already hot on this trail.” On Monday, The Court of Arbitration for Sport cleared Valieva to compete in the women’s competition this week. Still unresolved is what to do about the gold medal the Russians won — with Valieva as the headliner — in last week’s mixed team competition. Because Valieva is 15, and considered a “protected person” under global anti-doping rules, the sanctions against her could be light. That does not exempt her entourage from possible anti-doping penalties beyond the possible stripping of the medal from the Russian team. Walden and others expect those same people to come under investigation by U.S. law-enforcement, as well. “The latest Russian doping scandal in Beijing is exactly why we passed the Rodchenkov Anti-Doping Act. Doping is corruption,” said Sen Ben Cardin, D-Maryland, who is involved in anti-doping issues. Walden represents the bill’s namesake, Grigory Rodchenkov, the Russian lab director who blew the whistle on the complex, widespread Russian doping scheme designed to help the country win medals at the 2014 Sochi Games and elsewhere. Rodchenkov now lives in hiding. The Rodchenkov Act wasn’t designed to go after athletes. It targets coaches, doctors and other members of an athlete’s entourage who are accused of arranging doping programs in any event that involves U.S. athletes, sponsors or broadcasters. The bill, supported by Walden, the U.S. Anti-Doping Agency and others, passed by unanimous consent through both houses of Congress and was signed into law in December 2020. It was considered a remarkable achievement considering the polarization in U.S. politics. Officials at the White House drug control office in both the Trump and Biden administrations have been critical of global anti-doping regulators. They threatened to withhold funding from the World Anti-Doping Agency, but recently paid their remaining dues despite some major concerns. The law’s first test came last month when federal officials charged a doctor of providing drugs to an “Athlete A,” who The Associated Press identified as Nigerian sprinter Blessing Okagbare. The IOC and WADA lobbied against parts of the bill. Their main argument was that it gave U.S. law enforcement too much leverage in policing anti-doping cases that occur outside its own borders. This case — a Russian who was found to have doped on Dec. 25 at a national championship — appears, at first glance, to fit that profile. WADA said it took six weeks for officials to receive the test from a lab in Sweden because Russia’s anti-doping agency (RUSADA) failed to flag it as a priority. That Valieva was allowed to compete at the Olympics turns it into an international episode. WADA said in a statement that it was “disappointed in the ruling,” and that it, too, would “look into” Valieva’s support personnel. Russia’s anti-doping agency has also begun an investigation. But critics of WADA and the IOC argue the bill was passed because the international anti-doping system has proven it can’t police its own. They point to the sanctions handed to Russia over the past eight years as Exhibit A. Part of those sanctions resulted in years’ worth of suspensions and reforms for RUSADA, which is overseeing this case. Critics contend the case involving Valieva might not have erupted had the country — whose athletes are competing in Beijing under the banner of “Russian Olympic Committee” due to the sanctions — been penalized appropriately. “If I were a betting man, I’d say there’s a 95% chance that this is a good case for” the law, said Rob Koehler, the head of the advocacy group Global Athlete. Though there are harsh penalties under the law, it’s hard to imagine U.S. authorities would ever get their hands on Russians if they were indicted. Still, an indictment would have an impact. It could curtail their ability to travel or coach outside of Russia, since the United States has extradition deals with dozens of countries across the globe. Valieva tested positive for the banned heart medication trimetazidine. “We need more facts, but you can envision a case like this under Rodchenkov,” USADA CEO Travis Tygart said. “This drug doesn’t just show up out of nowhere. Assuming the facts play out that someone was involved in giving it to her to enhance performance, it fits like a glove.”

At a February 3 Helsinki Commission hearing on Russian aggression toward Ukraine, William B. Taylor, an expert on Russia and former U.S. ambassador to Ukraine, told Commissioners,  "I believe President Putin will blink. I think Presidents Biden and Zelensky are staring him down successfully. Putin appears, for now, to be seeking negotiations. He has complained about but has not rejected the responses from the United States and NATO to his demands."