European Union leaders on Monday threatened to impose sanctions on Russia after the country reportedly threatened two Ukrainian Navy ships near Crimea. EU officials called for a summit on Thursday where they will likely determine a course of action.
Reid told Politico that he has been in touch with the White House about the situation in Ukraine, but added that even if Congress wanted to act now, the snow storm that hit Washington, D.C. Monday would keep lawmakers from convening.
"We couldn't do congressional action if we wanted, we can't get in the damn building," he said. "I think we should just play this out for a while."
If Congress does act eventually, Reid suggested they would target the banking sector.
"We can pretty much control banking, which is so important to the Soviet Un – to the Russians," he said.