America’s Russia Sanctions Aren’t Working

Written by Anthony Constantini

What’s happening: Immediately after Russia’s full-scale invasion of Ukraine, President Biden announced sanctions which he claimed “exceed[ed] anything that’s ever been done.” But two years later, they failed to force change in Russia.

• Eyewitness: Tucker Carlson noted that Moscow seemed mostly unaffected by the sanctions, after his trip to interview Putin.

Why it matters: Having used every economic tool in its arsenal and still failing to faze Russia, America weakened its ability to compel states worldwide into compliance.

Russia’s economy is surviving: A few months into the invasion, experts argued that Russia’s economy was on the verge of implosion. True, the Russian economy is weaker than it was before 2022, but it hasn’t collapsed. Shortly before the invasion, one U.S. dollar was equivalent to 70 Russian rubles. Now, the ratio is one to 90 — diluted, but not catastrophic.

• Desperate measures: In light of failed sanctions, some have called for seizing Russia’s assets, estimated to be about $300 billion. But Russia threatened to seize Western-owned factories and properties, in retaliation.

Weakening control: Awareness that America is incapable of enforcing its will has led other states to use or threaten violence to solve long-simmering conflicts. And America’s failure to destroy Russia’s economy has undoubtedly been noticed by China; its economy is 10 times bigger than Russia’s, and it recently renewed its threat to conquer Taiwan.

• New financial systems: If America weaponizes its financial system against Russia, it could spur other countries to seek new economic allies, including China.