February 23, 2023
A Tool of Attrition
In his 2022 State of the Union address, delivered less than a week after the invasion of Ukraine, U.S. President Joe Biden touted the “powerful economic sanctions” that the West had imposed on Russia, measures that had instantly crushed the ruble and laid waste to the Moscow stock exchange. Russian President Vladimir Putin, Biden warned, “has no idea what’s coming.”
Sanctions are more of a marathon than a sprint, and the long-term picture looks much more promising than the short-term one.
This year, by contrast, Biden did not even mention sanctions in his State of the Union speech. His silence was understandable. After edging toward the brink of collapse, Russia’s financial system stabilized. ATM lines dissipated, and the ruble bounced back.
Read the full article from Foreign Affairs
More from CNAS
-
Since Russia Invaded Ukraine, Allies Levied More Than 11,000 Sanctions on Russia
Podcast
NPR's Leila Fadel talks to Rachel Ziemba of the Center for a New American Security about sanctions which have failed to dramatically weaken Russia's economy, and its ability t...
By Rachel Ziemba
-
Commentary
Defense / Transatlantic Security / Energy, Economics & Security
Sharper: The Future of Russia RelationsWhile the recently released U.S. National Defense Strategy names the People's Republic of China as the greatest pacing threat facing the United States, Russia poses the most i...
By Anna Pederson
-
The Cost of Economic War
Podcast
Sanctions, not bombs, have been the weapon chosen to take on the Putin regime. BBC speaks with macroeconomist Rachel Ziemba about the effectiveness of modern economic statecra...
By Rachel Ziemba
-
Podcast
Transatlantic Security / Energy, Economics & Security
What would happen if Russia defaults on its debt?Adjunct senior fellow Elina Ribakova speaks to Marketplace about how Russia's economic isolationism may largely insulate global markets should Russia default on its debts. Li...
By Elina Ribakova
