Economic Warfare: Divergence and Convergence in Allied Sanctions on Russia
The imposition of sanctions by the United States, European Union, and other Western allies against Russia represents one of the most extensive and coordinated sanction regimes in modern history. Triggered initially by the annexation of Crimea in 2014 and expanded dramatically following Russia’s full-scale invasion of Ukraine in 2022, these measures aim to degrade Russia’s economic capacity, isolate it from the global financial system, and pressure its political leadership. Yet while the overall objectives remain broadly aligned across Western governments, the design, implementation, and impact of these sanctions reveal important differences tied to political structures, economic dependencies, and strategic considerations. The United States has wielded its unique leverage over the global financial system to implement sweeping sanctions. These include the exclusion of Russian banks from dollar-based transactions, restrictions on SWIFT access, bans on advanced technology exports, and seco...