Biden phones Ukraine President Poroshenko

Vice President Biden called Ukrainian President Petro Poroshenko on Monday as Russia scrambled to shore up the ruble amid plummeting oil prices and sanctions imposed by the U.S. and European Union. 

The pair discussed the energy situation and urged Moscow to “ensure that its separatist proxies cease blocking the delivery of humanitarian aid to conflict-affected regions of eastern Ukraine,” according to a statement from the White House.

{mosads}They also discussed Ukraine’s financial situation, with Biden pledging that the country “will have the macroeconomic support it needs as it implements its reform program.”

Unclear, though, is whether the White House has decided to adopt a new bill passed by Congress that authorizes new military aid for Ukraine, as well as additional economic sanctions against Russia. A senior administration official said Monday the White House was “looking at it now.” 

The official said it was “important that our sanctions regime strikes a delicate balance that maintains a united front with Allies and partners, optimizes costs on Russia, and minimizes the impact on American business, international oil markets and the global economy.”  

“We will be evaluating whether the amended legislation enables us to sustain this important approach,” the official said. 

The administration’s pause appears at least partially rooted in concerns the new sanctions could be considered punitive by European allies, particularly as Russia is taking dramatic steps to stabilize its teetering economy. 

On Monday, Russia’s central bank announced it would raise its interest rate from 10.5 percent to 17 percent — the largest single increase since 1998, preceding a government default on its debt. It was the sixth interest rate increase this year by Russia. 

Last week, President Obama said it was “important” to remain in sync with European allies on additional sanctions. 

“There may be some movement out of Congress for us to get out ahead of Europe further,” Obama said. “We have argued that that would be counterproductive.” 

“The notion that we can simply ratchet up sanctions further and further and further, and then, ultimately, Putin changes his mind I think is a miscalculation,” Obama continued. “What will ultimately lead to Russia making a strategic decision is if they recognize that Europe is standing with us and will be in it for the long haul and we are, in fact, patient. And if they see that there aren’t any cracks in the coalition, then, over time, you could see them saying that the costs to their economy outweigh whatever strategic benefits that they get.”