The West has got its Russia sanctions wrong: Restricting supplies from the West would be effective – and it should not have expropriated goods that Russia legitimately acquired
trade, by restricting exports of technology and imports of Russian oil and gas; finance, by preventing transactions by designated Russian banks; official assets, by freezing much of the Russian central bank’s foreign-exchange reserves; foreign investment, by forcing Western firms to cease operations in Russia; and personal assets, by expropriating possessions of Russian oligarchs and officials.
But policymakers must first answer a more fundamental question: Is the current sanctions strategy truly serving the West’s interests, or are there better ways to achieve the same goal? The ramifications of this decision may not be visible today, but the damage will become apparent over time. Other countries might be less willing to hold reserves in US dollars or euros, or deal with US banks. And some large countries, such as China, might one day be tempted to apply the same measure against the US, citing the current expropriation as a precedent.
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