Tuesday , May 24 2022
Home / Project Syndicate / These Russia Sanctions Are Different

These Russia Sanctions Are Different

Summary:
The multilateral sanctions imposed on Russia since the invasion of Ukraine will severely reduce Russians' standard of living and their country’s geopolitical leverage. If the Kremlin had an ounce of sense, it would see the eventual outcome now, and call off its unprovoked war. CAMBRIDGE – The surprising potency of the multilateral sanctions imposed on Russia has been exceeded only by that of Ukrainians’ resistance to Russia’s invasion of their country. True, it is difficult to imagine that sanctions will bring the Russian economy to its knees faster than Russian troops are able to capture Kyiv or lay waste to the country. But, ultimately, Russia will lose much in this war. Back in December, US President Joe Biden

Topics:
Jeffrey Frankel considers the following as important:

This could be interesting, too:

Sam Abbott writes Child care costs are going to rise, but policymakers can help U.S. families manage these increases

Peter J. Fugiel writes New research shows unstable schedules do not offer more flexibility for U.S. workers

Simon Wren-lewis writes When did things go wrong, 2010 or 1979?

FT Alphaville writes Further reading

The multilateral sanctions imposed on Russia since the invasion of Ukraine will severely reduce Russians' standard of living and their country’s geopolitical leverage. If the Kremlin had an ounce of sense, it would see the eventual outcome now, and call off its unprovoked war.

CAMBRIDGE – The surprising potency of the multilateral sanctions imposed on Russia has been exceeded only by that of Ukrainians’ resistance to Russia’s invasion of their country. True, it is difficult to imagine that sanctions will bring the Russian economy to its knees faster than Russian troops are able to capture Kyiv or lay waste to the country. But, ultimately, Russia will lose much in this war.

Back in December, US President Joe Biden warned Russian President Vladimir Putin that severe sanctions in response to a Russian invasion of Ukraine would impose “a terrible price.” Yet, many viewed these threats as exaggerated bluster.

One can see why. At least since the turn of the century, US presidents have had a poor record when it comes to matching word and deed in foreign policy. There were even more grounds for skepticism regarding warnings from Europe. Germany, for example, had spent the preceding decade increasing its reliance on Russian energy. And the Western sanctions triggered by Russia’s 2014 seizure of Crimea failed to have the desired effect.

To...

Jeffrey Frankel
Jeffrey Frankel, a professor at Harvard University's Kennedy School of Government, previously served as a member of President Bill Clinton’s Council of Economic Advisers. He directs the Program in International Finance and Macroeconomics at the US National Bureau of Economic Research, where he is a member of the Business Cycle Dating Committee, the official US arbiter of recession and recovery.

Leave a Reply

Your email address will not be published. Required fields are marked *