August 18, 2014

Pointless Punishment

By Elizabeth Rosenberg and Ely Ratner

The Obama administration has responded to increasing Russian aggression by stepping up its own efforts to inflict economic pain on Moscow and isolate it diplomatically. The United States and the European Union announced a new round of sanctions on July 29 that bar a number of Russian banks from U.S. and European capital markets, deny Russian energy companies sophisticated oil development technologies, and expand restrictions on Russian defense technology.

Even worse for Moscow, the new measures make it harder for Russian companies to raise medium- and long-term financing in Western markets, and extract oil from the Arctic and new deep water and shale reserves. They also hurt the Russian economy by increasing investor anxiety, which is likely to accelerate capital flight and cause foreign bankers to cut back on loans to Russia.

After announcing the latest sanctions, U.S. diplomats traveled to China, Japan, Singapore, and South Korea to urge their Asian partners to support efforts to tighten the economic vice on Russia.

Read the full op-ed at Foreign Affairs

  • Commentary
    • The Globe and Mail
    • January 24, 2023
    On LNG, Canada Turned Away Germany, Then Japan—This Country Cannot Keep Doing That

    Canada has an opportunity to insist producers invest in the cleanest LNG supplies...

    By Rachel Ziemba & Leslie Palti-Guzman

  • Commentary
    • Quad Plus
    • January 20, 2023
    The Fall and Rise of the Quad

    The Quad has become the linchpin of US strategy to maintain peace and stability in the Indo-Pacific and to counter increased Chinese aggression and hegemony....

    By Lisa Curtis

  • Commentary
    • Breaking Defense
    • January 20, 2023
    The Siren Song: Technology, JADC2, and the Future of War

    Winning future wars will not be about maintaining information advantage but rather prevailing when neither side has the advantage. And that is not a war that can be won by new...

    By Andrew Metrick

  • Podcast
    • January 20, 2023
    Isn’t That Stuff Just for Criminals?

    Host Sheila Warren speaks with two of the foremost experts on cyrptocurrency, Dr. Marcus Pleyer, the former president of the Financial Action Task Force and now the deputy dir...

    By Yaya J. Fanusie

View All Reports View All Articles & Multimedia