The Scale of Economic Statecraft

The sanctions imposed on Russia following its 2022 invasion of Ukraine represent an unprecedented level of economic statecraft aimed at a large economy integrated into global financial systems. This use of economic tools to achieve political objectives was markedly different from previous sanctions employed against countries like Iran or North Korea, which had smaller economies and less global influence. The sanctions included asset blocks, travel bans, export controls, and trade restrictions specifically targeting key sectors of the Russian economy. The shift towards economic measures was driven by the West's desire to avoid military confrontation with a nuclear power while still attempting to curtail Russia's capacity to finance its military actions.