Daleep Singh, an Indian-American financial advisor, leads the Biden administration's efforts to impose punitive sanctions on Russia for its actions in Ukraine

FREMONT CA: Daleep Singh, an Indian-American economist, leads the Biden administration's efforts to impose punitive sanctions on Russia for its actions in Ukraine. Russian President Vladimir Putin signed decrees on Monday declaring the "Donetsk and Luhansk People's Republics" of Ukraine "independent," escalating regional tensions and raising fears of a Russian invasion of Ukraine. He also sent Russian troops into eastern Ukraine for a "peacekeeping" mission in the Moscow-backed regions, according to the Kremlin.

The Deputy National Security Advisor for International Economic Affairs and the Deputy Director of the National Economic Council, Singh, was in the White House Press Room for the second time within a few days.

Given Singh's central role in the administration's Russia policy, White House Press Secretary Jen Psaki said he is "back by popular demand." Russia's long-awaited invasion of Ukraine has begun, and our response has also begun. Today, the president (Joe Biden) acted quickly and cooperatively with allies and partners. The coordination and speed were unprecedented... It took weeks and months for a decisive response to be mounted, remarked Singh. After overnight consultations with Germany, Singh announced that Russia's Nord Stream 2 natural gas pipeline would not be operational. That is a USD 11 billion investment in a prized Russian-controlled gas pipeline that will now be squandered, he stated, and it sacrifices what would have been a cash cow for Russia's coffers.

This decision will relieve Russia's geostrategic chokehold on Europe through its gas supply, and it will mark a major turning point in the world's energy independence from Russia. Moreover, they have demonstrated the effectiveness of our financial sanctions, and make no mistake: this is just the tip of the iceberg in terms of the pain they can inflict. They have cut off the Russian government, the Russian Central Bank, and Russian Sovereign Wealth Funds from new financing from the US and Europe, working with our allies. The Kremlin can no longer borrow money from the United States or Europe, and its new debt cannot be traded on the US or European financial market.

The United States has fully sanctioned a group of Russian elites and their families. These people profited from the Kremlin's corruption, and now they will suffer the consequences, according to Singh.