Russia’s $160 Billion Stick Hinders Crimean Sanctions

As U.S. and European officials began imposing sanctions in their face-off with Russia over Ukraine, Vladimir Putin’s $160 billion in oil and natural gas exports may be his most potent weapon to limit punitive measures.

The U.S. and its European allies have few levers to deter Putin even as they warn Russia not to annex Crimea after a referendum in Ukraine’s southern region yesterday. The European Union today imposed travel-visa bans and assets freezes on 21 individuals and President Barack Obama issued an executive order naming seven Russians for sanctions.