Russia’s illegal invasion of Ukraine can and should be countered by an economic response that is principled, effective, fair, and legal. The West can achieve such a response by replacing its current sanctions with collective restrictions on exports of goods to Russia.
PROVIDENCE – The West responded to Russia’s invasion of Ukraine with sanctions of unprecedented severity and scope. By the standard of proportionality, the reaction of the United States, the European Union, and their allies seems appropriate. Serious international aggression demands a serious response. But by the standards of consistency, efficiency, and fairness, it is far from clear that the West has chosen the correct strategy. Governments may need to rethink the design of the sanctions regime.
PROVIDENCE – The West responded to Russia’s invasion of Ukraine with sanctions of unprecedented severity and scope. By the standard of proportionality, the reaction of the United States, the European Union, and their allies seems appropriate. Serious international aggression demands a serious response. But by the standards of consistency, efficiency, and fairness, it is far from clear that the West has chosen the correct strategy. Governments may need to rethink the design of the sanctions regime.