5 May 2022

Why sanctions against Russia may not work

BRAHMA CHELLANEY

The unprecedented U.S.-led Western sanctions against Russia have been likened to economic weapons of mass destruction (WMDs) that would ultimately destroy the Russian economy. In reality, the sanctions are like a double-edged sword — they inflict pain on Russia but also impose costs on their imposers.

The West, in fact, is caught in a trap: The sanctions and the deepening conflict, by helping to raise global commodity and energy prices, translate into higher revenues for Moscow in spite of a significant decrease in its exports. And the higher international prices, by fueling inflation, mean political trouble at home for those behind the sanctions.

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