The Economic War Against Putin Has Only Just Begun

In the early hours of Feb. 24, 2022, Russian President Vladimir Putin invaded neighboring Ukraine and precipitated Europe’s worst crisis since World War II. In response, the US and its allies imposed waves of sanctions aimed at cutting Russia off from the global financial system, crippling its industry and depriving Putin of the revenue needed to sustain his campaign of naked aggression.

One year later, the West’s strategy has succeeded — up to a point. Russia has suffered losses in technology and talent that will impede its growth for years. Barred from trading with the West, the regime is now increasingly beholden to China. The war has left Russia weaker, poorer and more isolated. Yet Putin’s grip on power appears unshaken and his military continues to devastate Ukraine.