The dream of sanctions stopping wars
Despite various sanctions put in place against Russia for its invasion of Ukraine, the Russian economy is surprisingly doing much better than expected. It appears for now that at least in the short term, the Russian economy is able to bypass sanctions as long as other countries are willing to pursue business as usual with Russia. Whether or not the sanctions will have a longer-term effect and have any impact on Russian aggression remains to be seen.
When western countries adopted sanctions against Russia in response to Putin's war of aggression against Ukraine, western politicians promised nothing less than the complete breakdown of the Russian economy. The French Finance Minister Bruno Le Maire spoke of the “collapse” of the Russian economy, while US President Joe Biden said that “We will keep raising the economic cost and ratchet up the pain for [Vladimir] Putin and further increase Russia's economic isolation.”
When western countries adopted sanctions against Russia in response to Putin's war of aggression against Ukraine, western politicians promised nothing less than the complete breakdown of the Russian economy. The French Finance Minister Bruno Le Maire spoke of the “collapse” of the Russian economy, while US President Joe Biden said that “We will keep raising the economic cost and ratchet up the pain for [Vladimir] Putin and further increase Russia's economic isolation.”
July 4, 2023 -
Svenja Petersen
- 
AnalysisIssue 3-4 2023Magazine
Illustration by Andrzej Zaręba
