Western sanctions: A symbolic sting, not a knockout blow for Russia

Six men at a remote Arctic prison in Russia have been sanctioned by the US and the UK over Alexei Navalny's death. Alas, they will have to forego their dreams of visiting the castles of the UK or the casinos of Las Vegas. Today Russia is the world's most sanctioned country. The Western projections of a Russian economic meltdown at the beginning of the war in Ukraine were akin to a dash of Dostoevskian despair. The Russian Ruble has staged a remarkable comeback, fuelled by soaring energy prices and a resourcefulness that would make Leo Tolstoy's Natasha Rostova proud.

The West has slapped Russian individuals and entities with over 18,700 sanctions. But has this economic blockade achieved its intended goals? Led by the US and backed by its few Western allies, these sanctions have tried to castigate, chastise, chasten, and frighten Moscow.

Add WION as a Preferred Source

While the West congratulates itself on its supposed economic warfare victory, the reality is that Russia is adapting, navigating, and continuing to pursue its objectives. It's time for the West to wake up and smell the borscht - the current approach simply isn't working.

Yes, the sanctions are unprecedented. Russia's foreign currency reserves worth $350 billion, which is about half its total reserves have been frozen. Russia has been excluded from SWIFT, an international payment system used by thousands of financial institutions. About 70 per cent of the assets of Russian banks were also frozen, the EU says, and some were excluded from Swift, a high-speed messaging service for financial institutions.

But the numbers tell a different tale. According to the International Monetary Fund, in the first year of the war, Russia's economy shrank by 2.1 per cent, only to grow by 2.2 per cent in 2023 and is predicted to grow by 1.1 per cent in 2024.

When the West slammed its door on Putin, he ventured East. Russia has been steadily building closer economic ties with China and other Asian countries. These new partnerships are helping to mitigate the impact of Western sanctions.

The people of Ukraine, caught in the crossfire of this geopolitical chess game, are the ones truly suffering. The losses on the Russian side are also huge, the actual figures remain hidden in the fog of war.

As the Russia-Ukraine war enters its third year, Kyiv is looking at a bleak future due to the US Congress blocking a vital $60 billion aid package. This has come on top of delays in promised European deliveries. The potential re-election of Donald Trump in the US adds another layer of complexity.

Also watch |Russia-Ukraine war: Two years of Russia-Ukraine war, what is next?

In the immediate future, the conflict will be determined not just on the battlefield but also in Western capitals and other places far from the front lines. Western leaders have had less time and political energy to devote to Ukraine.

Leaders in the Global South have accused the West of double standards over its attitudes to the wars in Ukraine and Gaza, making it more difficult for Kyiv and its allies to rally support. Putin has been turned into a pariah, and Russia pushed into far greater isolation by the West, but perhaps it's time to find ways and means to open channels of dialogue to end the long grinding war.

(Disclaimer: The views of the writer do not represent the views of WION or ZMCL. Nor does WION or ZMCL endorse the views of the writer.)