Though unprecedented in scale and scope, the sanctions imposed to isolate Russia economically after it invaded Ukraine in February 2022 have failed so far to significantly alter Russa’s behavior, find Oleg Itskhoki and Elina Ribakova. In their contribution to the Brookings Papers on Economic Activity (BPEA), the authors explore the complexities and trade-offs involved in using sanctions.
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A key point
“Sanctions are an important tool in the arsenal of economic statecraft, but they are not a magic wand. Their success often hinges on the clarity of their objectives and robustness of their enforcement.”
— Oleg Itskhoki and Elina Ribakova
More on the Russia-Ukraine war
Seizing Russian reserves. At the start of the war, Russia’s foreign exchange reserves held by America and its allies were frozen. Since then, some officials and commentators have proposed seizing those assets—which amount to nearly $300 billion—and using the proceeds to defend and rebuild Ukraine. Sam Boocker, Alexander Conner, and David Wessel discuss this effort and its possible ramifications.
Tracking important metrics in the conflict.Michael E. O’Hanlon, Constanze Stelzenmüller, and David Wessel provide key information on the control of Ukrainian territory by the two sides, the amount of support for Ukraine from the United States and Europe as well as the political support for continued aid, and the health of the Ukrainian economy.
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