The sanctions that will really stop Putin

The battle has been joined. Now, all that remains to be seen is who will win.

President Biden has rallied not just the West but also much of the world. He has announced sanctions that are more far-reaching than any ever inflicted on a major economy. The results are already evident. Russia’s stock market and the ruble are in tatters.

But despite all this, economic sanctions have rarely forced a country to reverse its path, let alone caused regime change. In the few cases where they do appear to have had some effect — South Africa with apartheid, Iran with its nuclear enrichment — sanctions were usually widely enforced and comprehensive. Because key countries including China, India and the Gulf states are unlikely to boycott Russia, sanctions will lack that long-term bite.

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