A Sign Of Failure The Kremlin Is Putting Up Stiffer Economic Resistance Than The G7 Anticipated

THE TIGHTENING OF SANCTIONS AGAINST RUSSIA announced by the G7 summit in Hiroshima is evidence that the west remains solidly behind Ukraine in its battle against aggression. It is also a sign of failure

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Despite talk of quick victory, there has been no knock out blow in the economic war, let alone signs that freezing assets, targeting oligarchs, seeking alternative energy sources and depriving Russia of vital components has brought about a change of heart in the Kremlin.

The lack of instant success should not come as a surprise. The earliest example of the use of sanctions dates back to ancient Greece and their record has been mixed since. For the most part, turning the economic screw has had only a modest impact. Furthermore, it takes time – decades often – for the measures to work.

No doubt, Russia is feeling the impact of sanctions, but so is the west. Indeed, one reason for the overegging of claims that the Russian economy is close to collapse is that western policy makers know their own voters are suffering from the collateral damage: dearer energy, rising food prices and falling living standards.