We’ll Need Sanctions and Stamina to Defeat Putin – Bloomberg

Economic sanctions havea bad reputation asa weaponthat promises plenty something more tremendous than war,as US President Woodrow Wilson put it in 1919but delivers comparatively little. Unprecedentedmeasures aimed at isolating Russia havenot stopped the fighting in Ukraine, orforced President Vladimir Putin out. The ruble has recovered and the cost of squeezing Moscowis rising. But that doesnt mean sanctions arent working,much less that a solution that protects Ukraines interests and globalsecurityis possible without continued, and increasing, pressure.

Its certainly the case that economic sanctions havea patchy record when it comes to altering behavior. Even the best-known efforts, like South Africa during apartheid, were not clear-cut successes. Cubas regime is still in place, as is Venezuelas,and even more targeted sanctions, say against Myanmars junta, havent had the intended bite. Worse, the campaign to curb Saddam Hussein in Iraq showed just how difficult it is to punish dictators who are willing to let their population starve for the cause. This time, theres also the fact that the target is one of the worlds largest hydrocarbon and grain exporters, meaning restrictions result inpainfully higher prices for consumers elsewhere.

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We'll Need Sanctions and Stamina to Defeat Putin - Bloomberg