Why US Sanctions on Russia Have Fallen Short: New Report Analyzes Weaknesses

A new report by researchers Oleg Itskhoki and Elina Ribakova examines why US sanctions against Russia, imposed after its invasion of Ukraine, haven't had the anticipated economic impact. The report suggests that sanctions should have been applied more decisively at the outset. It also highlights the role of international cooperation in sanction effectiveness.

A new report reveals that the sanctions imposed by the Biden administration following Russia's invasion of Ukraine have not inflicted the significant economic blow that was anticipated. Researchers Oleg Itskhoki of Harvard University and Elina Ribakova of the Peterson Institute for International Economics argue that the sanctions should have been implemented more forcefully immediately after the invasion, rather than in a piecemeal manner.

In a discussion with reporters previewing the study, Ribakova emphasized that “sanctions are not a silver bullet.” According to the report, Russia was able to mitigate the financial penalties due to prior experiences with sanctions from 2014 and a lack of global participation, particularly from economic giants like China and India.

The findings are significant as they shed light on the broader question of what determines the effectiveness of sanctions. Despite the Biden administration's efforts, including military aid and unprecedented actions, Russia has managed to circumvent many of the sanctions. The report will be presented at the Brookings Institution next week.

(With inputs from agencies.)