The West is attempting to weaponize its control over global financial systems to isolate Vladimir Putin’s regime. But Russia has been preparing for economic isolation for years, writes KevinTDugan
Photo: Andrew Harnik/AP/Shutterstock Instead of an overt military response to Russia’s invasion of Ukraine, the West is attempting to weaponize its control over global financial systems to isolate Vladimir Putin’s regime.
But if there’s one thing his speech showed, it’s that the West has precious few good options. Russia has been preparing for economic isolation for years, stashing away hundreds of billions of dollars worth of cash and gold. Whatever punishment Biden and Europe come up with will have little immediate effect on Russia’s ability to execute Putin’s war. Such measures also have the potential to backfire. “Sanctions, in my view, have a very spotty track record,” Steven L.
Still on the table, beyond the sanctioning of Putin, are measures so extreme that they have the potential to backfire. At the most severe end of the spectrum is the U.S. Treasury’s blacklist, officially known as the Specially Designated Nationals List. It has been used to isolate Iran, North Korea, terrorist organizations, and individual Russian oligarchs and state-affiliated companies.
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