Michael Hiltzik: Can sanctions stop Russia? History says it will take time
Russia is on the verge of becoming a pariah state. With its attack on Ukraine, it faces a future of diplomatic isolation, economic devastation and nearly universal moral condemnation.
The question now is whether ostracizing Russia through sanctions will force it to change direction, shut down Vladimir Putin’s empire-building ambitions and end the invasion of Ukraine. History says that sanctions may work, but warns that they may not work quickly.
Experts point to the sanctions imposed on Russia after its invasion of Ukraine in 2014. These were “designed to punish high-level government officials and weaken the Russian economy through restrictions on trade and finance with Russian energy companies and specified banks, in the hope that these measures would deter further military advances in Ukraine and neighboring countries,” trade and sanctions expert Jeffrey J. Schott of the Peterson Institute for International Economics observed earlier this
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