| I used to believe strongly in financial sanctions over war but I'm becoming more skeptical. Markets and industry are a very hard thing to constrain at a global scale. To do it effectively you basically encourage a giant financial surveillance state and need put huge pressure on partner countries - who often don't even implement it meaningfully. You make business harder for everyone and create lucrative black market organize crime business. Military action is appearing more preferable to that. For example: https://www.bbc.com/news/articles/cdxk454kxz8o > In the wake of the February 2022 invasion, Ukraine's allies imposed sanctions on Russian hydrocarbons. The US and UK banned Russian oil and gas, while the EU banned Russian seaborne crude imports, but not gas. > Despite this, by 29 May, Russia had made more than €883bn ($973bn; £740bn) in revenue from fossil fuel exports since the start of the full-scale invasion, including €228bn from the sanctioning countries, according to the Centre for Research on Energy and Clean Air (CREA). > The lion's share of that amount, €209bn, came from EU member states. Meaning 3 years into the war Europe is still sending more $$ to Russia for gas than they send Ukraine in aid |
He recently revisited that in FP magazine (https://foreignpolicy.com/2025/09/10/sanctions-paradox-russi...) arguing for keeping sanctions on Russia even though they clearly aren't going to coerce Russia into abandoning their war in Ukraine. The first reason is to re-enforce the global norm against territorial expansion. We've managed to go 80-odd years with a reasonable global norm against redrawing borders, and it is worth a lot to demonstrate that we- the global community- do not acquiesce. And the other reason is to weaken their economy for the grinding war of attrition that is currently happening, and not make territorial expansion easy for them.