The Limits of Economic Warfare
Over the past decade, economic sanctions emerged as Washington’s preferred policy tool to deal with a range of concerns, from adversarial governments in Iran and Venezuela to international drug trafficking. Sanctions became popular because officials saw them as a low-cost tool that could hurt the United States’ foes. The 2015 Iran nuclear deal, which Iran agreed to after years of devastating sanctions, seemed to vindicate policymakers’ view that sanctions could force adversaries into strategic concessions. Under U.S. President Donald Trump, renewed sanctions against Iran and sanctions targeting Venezuela were widely seen as effective in debilitating those countries’ economies.
Against this backdrop, when Russian President Vladimir Putin launched an invasion of Ukraine in February 2022, the Western response was immediate: the United States and its allies slammed Russia with a raft of sanctions and other economic restrictions.… Seguir leyendo »