How to win the economic war against Russia

Fiona Hill, a distinguished Russia expert, has argued that the West’s confrontation with Russia over Ukraine has brought us into World War III. That is dangerous hyperbole. What made the two world wars so devastating was that the major powers of the day got into direct and protracted military conflict with one another. We are not in that kind of battle today, and with nuclear weapons, one shudders to even think about the trajectory of a great-power war.

But she is right in one sense: The West is collectively waging economic war on Russia on a global scale that would have been unimaginable just a year ago. The consequences of that are likely to be with us for decades. This new Cold War marks the end of the era of globalization and integration that has shaped the international system since 1989. We are now living in a world of great-power competition, economic nationalism and technological decoupling. The risks of this new economic war might not be nuclear, but they are sky-high, including for the United States.

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