Russia’s invasion of Ukraine spurred a strong Western response in imposing sanctions. But their outcome is as difficult to predict as that of the war itself.
Western sanctions against Russia have been sweeping and unrelenting since the country began waging war against Ukraine two months ago. Russia’s central bank reserves are mostly frozen. The country’s oligarchs are scrambling to secure their offshore wealth. Western capital effectively can’t be invested in Russia any longer, and the makers of high-tech components have all but stopped exporting them there. Most Russian banks are now disconnected from the Swift financial messaging network.
In Warsaw last month, President Joe Biden declared that “these economic sanctions are a new kind of economic statecraft with the power to inflict damage that rivals military might.” Initially, many anticipated that such devastating economic pressure would force the Kremlin to break off its invasion. Some even hoped that sanctions would spark internal unrest that would undermine Mr. Putin’s regime.
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