In 2014, Russia annexed Crimea illegally and threatened to invade eastern Ukraine. Sanctions imposed by the European Union, Canada, the United States and Western allies prevented Russia from further action. After Russia’s invasion of the Ukraine, claiming two territories as independent states in violation of international law, Europe and the United States have once again imposed economic sanctions. These sanctions target financial institutions, the Nord Stream 2 pipeline, and wealthy oligarchs. We discuss the history of economic sanctions and their efficacy with Jacob Kirkegaard, Senior Fellow at the Peterson Institute For International Economics and German Marshall Fund.