The Art of Punishing Putin

Stephanie Baker, a seasoned Bloomberg reporter, provides an in-depth analysis of the economic warfare strategies employed by the U.S. and its allies against Russia amid the ongoing conflict in Ukraine, which has persisted for over two years. Despite the imposition of sweeping sanctions aimed at crippling Russia's economy and undermining President Vladimir Putin's regime, the effectiveness of these measures remains questionable. While they have complicated life for ordinary Russians and reduced energy export revenues, they have not significantly hindered Putin's military capabilities. Baker's work highlights the challenges of leveraging economic tools as precision weapons, drawing parallels with historical sanctions that have often proven counterproductive. The book emphasizes the importance of targeting the oligarchs who support Putin's kleptocracy, yet it reveals that these sanctions have not succeeded in fracturing the loyalty between the oligarchs and the Kremlin. Instead, the oligarchs' power appears to have consolidated under Putin's control. A significant focus of the narrative is on the frozen central bank reserves, primarily held in the European Union, and the complexities surrounding the oil price cap, which has failed to effectively limit Russia's oil revenues. The ongoing sanctions battle is expected to continue, not only against Russia but also against other nations like China, which may be vulnerable to U.S. financial influence. Ultimately, Baker's account serves as a critical examination of the limitations and challenges of economic sanctions as a tool of foreign policy, illustrating that while they can impose hardships, they have not yet achieved their intended goal of dismantling Putin's war machine.