The Biden administration’s waves of sanctions against Russia following the invasion of Ukraine have not caused as much damage to Moscow’s economy as anticipated. Researchers Oleg Itskhoki of Harvard University and Elina Ribakova of the Peterson Institute for International Economics emphasize that the sanctions should have been implemented more forcefully and comprehensively right after the invasion instead of gradually.

The report highlights that Russia was able to mitigate the financial impact of the sanctions due to lessons learned from previous sanctions imposed in 2014 after the Crimea invasion. Furthermore, the effectiveness of the sanctions was compromised by the lack of broad international participation, with major economic powers like China and India not joining in the sanctions efforts.

Although there have been numerous sanctions imposed, the tangible effects on Russia’s economy remain uncertain, underscoring the importance of global cooperation when implementing sanctions. The researchers stress that while sanctions are a valuable tool, they are not a guaranteed solution to geopolitical conflicts and challenges.

Sanctions have emerged as a crucial instrument for Western nations and the United States to pressure adversaries into altering their behavior without resorting to direct military action. However, the limited impact of the sanctions on Russia has prompted a reassessment of their effectiveness, both in the current context of the Russia-Ukraine conflict and in future international crises.

Despite the more than 4,000 individuals and businesses targeted by U.S. sanctions, including a significant portion of Russia’s banking sector, the measures alone have proven insufficient to halt Russia’s aggression in Ukraine. The U.S. has complemented sanctions with substantial military aid to Ukraine, but experts argue that stronger sanctions are needed to curb the growth of the Russian economy and its military capabilities.

Treasury Secretary Janet Yellen has emphasized the U.S.’s commitment to combatting Russian sanctions evasion and supporting Ukraine. Efforts to impose a price cap on Russia’s oil exports have faced challenges, with Russia circumventing the cap by utilizing its own fleet of tankers. Additionally, the disagreements among G-7 leaders on structuring a loan to aid Ukraine underscore the complexities of international responses to the conflict.

As the discussion on the effectiveness of sanctions continues, the forthcoming presentation of the research report at the Brookings Institution promises to provide further insights into the evolving dynamics of economic measures in modern geopolitics.