In the lead-up to the February 24, 2022 invasion of Ukraine, Western nations threatened Russia with severe economic sanctions, export controls, and other punitive economic measures if it proceeded with an invasion. These threats were ignored. Over a year into the invasion, Russia’s economy and war-fighting capabilities are hurting. Punitive economic measures by the West have shut Russia out of the global economy and challenged its ability to profit from oil sales, import critical technology, and finance its war effort.
#Reviewing Backfire
In a series of short, engaging, and clearly written chapters, Demarais breaks down why the U.S. found sanctions such an appealing policy instrument; how their widespread use in the 1990s and 2000s triggered changes and upheavals, as countries around the world coped with the issues of challenges of compliance; and, finally, how sanctions implementation has generally backfired, imposing costs on the U.S. and its allies while encouraging targeted states towards policies and strategies designed to insulate their governments and economies from U.S. pressure.
Examining War's Economic Incentives and Sanctions
Over the past 100 years economics has been transformed from a prime motivator for war, through the imperialist ideals of national prestige and territorial expansion, to a tool best used as a means to try and avoid war. Additionally through the establishment of the rules based global order that emerged after the Second World War the economic motivation for war has not only been diminished but has effectively been rendered illegal and immoral. While economic considerations may be enshrined in the architecture of the current global order and serve to provide a means for modern nations to collectively pursue peace through mutual prosperity (as demonstrated by the EU), economic considerations do nothing to deter an irrational actor motivated by non-material means.