Immediately after Russia invaded Ukraine last year, the United States led a coalition of countries to try to impose stiff economic punishments on Moscow. These sanctions have hurt Russia’s economy in all kinds of ways—but not enough to stop the war. In fact, a new International Monetary Fund report projects that the Russian economy is expected to grow in 2023. This raises the question: Are sanctions an effective diplomatic tool? Or do we just expect too much of them?
This week, FP’s editor in chief, Ravi Agrawal, is joined by Agathe Demarais, author of Backfire: How Sanctions Reshape the World Against U.S. Interests, and Nicholas Mulder, author of The Economic Weapon: The Rise of Sanctions as a Tool of Modern War.
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