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U.S. President Joe Biden says that planned sanctions for Russia if it invades Ukraine would have “a devastating impact” on its economy. But after the Kremlin spent the last eight years preparing for more penalties, economists say the pain may not be as bad as some fear.

The measures under consideration, which include limits on big banks’ ability to use dollars and euros, as well as restrictions on government debt and access to U.S. technology, would be the most severe since the first wave of limits slapped on Russia in 2014 following the annexation of Crimea, according to U.S. and European officials.

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