News Home » World » 'We've Cut Off Western Financing': Biden Condemns Putin's Invasion of Ukraine, His Aggression Spiking US Gas Prices

Around the World

'We've Cut Off Western Financing': Biden Condemns Putin's Invasion of Ukraine, His Aggression Spiking US Gas Prices

Randy Mancini 2 Feb 23

During a recent appearance on the Jay Sekulow show, Sen. James Lankford (R-OK) explained what the sanctions mean for the Kremlin. 

"Russia has a smaller GDP - Gross Domestic Product - than the state of Texas has," said Lankford. "They're basically a gas station that's selling oil and natural gas to Europe and to Asia and whoever wants to buy it. If we cut that off, Russia's economy collapses, and Putin faces real consequences."

The European Union is also imposing sanctions with Germany freezing a major new Russian natural gas pipeline known as Nord Stream 2.

An additional 800 U.S. troops, along with fighter jets and helicopters are being repositioned to support NATO members in the Baltic states.   

The sanctions are expected to have an impact here at home. Gas prices are already up 20 percent over last month and if Russia's spigot is turned off those prices could go even higher.