Do Economic Sanctions Work?
Most of the tactics that allies are employing to stem Putin’s aggressions in Ukraine are economic in nature: oil and gas embargoes, severe international banking restrictions, shutdowns of foreign business operations, and more — all with the objective of crippling aspects of Russia’s economy. But will they work? Is handcuffing a country’s economy an effective way to counter aggression? Historical evidence suggests that sanctions are no panacea — and they often come with unintended consequences that are sobering at best.