Illustration: Sarah Grillo/Axios
The unprecedented sanctions the West imposed on Russia have hobbled its economy and are hurting the global system, too. But their primary purpose, arguably, is to stop the fighting. And that's not yet happening.
Why it matters: Sanctions are increasingly one of the go-to tools in American foreign policy, all over the world — that doesn't mean they always work.
Driving the news: The EU imposed a fourth round of sanctions on Russia yesterday, prohibiting investments in the country's energy sector, adding more trade restrictions and oligarch punishments. Later in the day, the U.S. sanctioned 11 Russian military leaders; and Russia sanctioned President Biden, too.
How it works: Ideally, sanctions are a negotiation tool, part of a carrot-stick strategy that gets your opponent to the bargaining table. The best known example of this working is in the negotiations by the U.S. leading up to the first Iran nuclear deal. But these measures serve other, less obvious purposes:
Yes, but: The point really is to stop the bad behavior. And as any parent knows, punishments often backfire — they just create resentment and distrust.
"Sanctions allow you to feel like you’re doing something. It doesn’t necessarily accomplish what you want to accomplish in practical terms,"said Elena Chachko, a fellow at Harvard Law School who's written extensively about this strategy.
Zoom out: The U.S. increasingly relies on the dollar to fight its battles.
The bottom line: Short of going to war with devastating consequences —something President Joe Biden ruled out — sanctions are the "least worst of very bad options the U.S. now faces," said Chachko.