Are the sanctions against Russia working?

James Nixey, director of the Russia and Eurasia programme at Chatham House, explores whether sanctions have been effective in deterring Russia.

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Are the sanctions against Russia working?

— James Nixey explains whether the sanctions imposed on Russia are effective.

He argues that the reality is sanctions have dealt Russia a chronic blow. It is cut off from capital markets, foreign businesses have left, Russia cannot borrow because it has a lousy credit rating, unemployment and inflation are spiking, and it simply cannot find new markets for imports.

Sanctions do also limit Russia’s room for manoeuvre in terms of its military action, especially in the future, as well as condemning Russia to a future of impoverishment and ultimately social discord domestically.