Overview

• A new report by Harvard and Peterson Institute economists highlights the limited impact of US sanctions on Russia since the 2022 invasion of Ukraine.
• Researchers suggest that immediate, comprehensive sanctions would have been more effective than the piecemeal approach taken.
• Russia's economy showed resilience due to prior experience with sanctions and support from non-participating countries like China and India.
• The sanctions' effectiveness was further diluted by Russia's ability to circumvent oil price caps and assemble its own fleet of tankers.
• The study emphasizes the need for global cooperation and a clear doctrine on economic statecraft to enhance the future effectiveness of sanctions.