US freezing Russian central bank assets the biggest shock to Putin’s wallet, Brenberg says
New US sanctions designed to cripple Russian central bank, ruble
Halting trade in Russian stocks 'tightening the screws' on regime: Brenberg
Business and economics professor Brian Brenberg breaks down how world powers are decimating Russia's economy as a response to violence in Ukraine.
The United States and its allies are cracking down on Russia’s ruble as the invasion of Ukraine continues and some sanctions are hitting Vladimir Putin's pocket especially hard.
Business and economics professor Brian Brenberg joined "Fox & Friends First" on Tuesday to break down the blows to Russia’s economy – the biggest shock being restrictions from the central bank, halting Putin from withdrawing any foreign currency reserves.
"That’s big because Putin was counting on those reserves," he said. "When the world turned against him, that’s how he was going to keep financing things. The world has said you’re not going to get that money, so Putin is struggling on that front."
RUSSIA'S ECONOMY GETS NAILED: WHAT'S BEEN DONE
Brenberg added that The New York Stock Exchange and Nasdaq temporarily halted trading with Russian-based firms on Monday was part of "tightening the screws" on the regime.
Russian President Vladimir Putin speaks during the G20 summit videoconference from Moscow, Russia, on Oct. 30, 2021. (Evgeniy Paulin, Sputnik, Kremlin Pool Photo via AP)
"You can’t fund things, you can’t get money," he said. "It’s hard to run a war when you can’t get money."
He went on to explain "a lot of what’s happening," including inflation and currency devaluation, is "hitting the Russian people more than Putin."
"You [have to] hit the regime, you [have to] hit Vladimir Putin," he explained stressing that it’s important to "get serious about sanctioning oil and gas."
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Gas prices grow along with inflation as this sign at a gas station shows in San Diego, California, on Nov. 9, 2021. (Reuters/Mike Blake/File Photo)
Meanwhile, major oil and gas companies BP and Shell dealt major blows after pulling multi-billion-dollar investments out of Russia. Brenberg said if other domestic companies pull out of Russian dealings, supply would need to come from places like the United States.
"When are we going to throw open the doors?" he asked. "When is this administration going to get out of the way? There’s only one road forward here… The administration has to acknowledge the U.S. needs to step up on oil and gas, and it needs to do it right now.
US must 'step up' on oil and gas: Brenberg
Business and economics professor Brian Brenberg discusses the need for America to reclaim energy independence as Russia's economy takes a hit.
Brenberg confirmed that volatility in the markets will rage on since the timeline of the conflict is undetermined and expressed his concern for high oil prices as it stages a "real problem" for American pocketbooks.