--- title: How the West Can Make Russian Sanctions Bite Again description: Hefty sanctions following Putin's full-scale invasion of Ukraine came hard and fast. But their effect has been wearing off. canonical: https://time.com/6432488/russia-sanctions-ukraine-war/ author: Daniel Fried article:opinion: true article:content_tier: free article:published_time: 2023-12-13T17:03:08.000Z article:modified_time: 2026-08-04T07:48:48.630Z article:section: Ideas og:title: How the West Can Make Russian Sanctions Bite Again og:description: Hefty sanctions following Putin's full-scale invasion of Ukraine came hard and fast. But their effect has been wearing off. og:url: https://time.com/6432488/russia-sanctions-ukraine-war/ og:site_name: TIME og:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt214bcc3ccdffea5b/698a432ce6e84afdaa2b0cca/russia-sanctions-tighten.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 og:image:width: 2400 og:image:height: 1350 og:image:alt: russia-sanctions-tighten og:type: article twitter:card: summary_large_image twitter:title: How the West Can Make Russian Sanctions Bite Again twitter:description: Hefty sanctions following Putin's full-scale invasion of Ukraine came hard and fast. But their effect has been wearing off. twitter:image: https://static.time.com/v3/assets/bltea6093859af6183b/blt214bcc3ccdffea5b/698a432ce6e84afdaa2b0cca/russia-sanctions-tighten.jpg?branch=production&width=1200&quality=75&auto=webp&crop=16:9 ---  # How the West Can Make Russian Sanctions Bite Again > Sponsored content. Supplied in partnership with TIME. 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A paid TIME subscription is separate and available at time.com/subscribe-agent. ### Sources * TIME Newsletters: [time.com/newsletters](/c/time-nl-inside-2026q3/newsletters?i=0ea2962a-181b-4d1a-8f12-514eeeceb998&cr=time-nl-inside-2026q3-v1) ## Video: Zelensky Doesn’t Appear to Convince Republicans on Ukraine Aid During Congress Visit [Watch (HLS stream): Zelensky Doesn’t Appear to Convince Republicans on Ukraine Aid During Congress Visit](https://cdn.jwplayer.com/manifests/hLbmEqp2.m3u8) (4:07)  _Published 2023-12-12. Ukrainian President Volodymyr Zelensky encountered stern opposition from Senate Republicans on Tuesday as he sought approval for billions of dollars in additional U.S. military assistance for Ukraine’s ongoing war against Russia._ by [Daniel Fried](https://time.com/author/daniel-fried/) ## Daniel Fried Contributor Daniel Fried is a veteran U.S. diplomat and the Weiser Family Distinguished Fellow at the Atlantic Council. Dec 13, 2023 5:03 PM UTC  Russian National Guard Service officer walk past the Spassky Tower in Red Square in Moscow on Dec. 13, 2023. Russian National Guard Service officer walk past the Spassky Tower in Red Square in Moscow on Dec. 13, 2023. Getty Images by [Daniel Fried](https://time.com/author/daniel-fried/) ## Daniel Fried Contributor Daniel Fried is a veteran U.S. diplomat and the Weiser Family Distinguished Fellow at the Atlantic Council. Dec 13, 2023 5:03 PM UTC Western [sanctions](https://time.com/6151188/biden-russia-sanctions-explained/) against Russia in the wake of Vladimir Putin’s full-scale invasion of Ukraine in February 2022 came hard and fast. Moscow lost access to a staggering $300 billion of its foreign exchange reserves held by G7 countries overnight, the ruble [sank](https://apnews.com/article/russia-ruble-sanctions-war-ukraine-cf5448603b78f1bb884f3c68df5c7cd5) almost a quarter of its value against the U.S. dollar, and Russia’s industrial base was [crippled](https://home.treasury.gov/news/press-releases/jy1298). Put together by the U.S., E.U., G-7 governments, and others, the sanctions, which started in 2014 after Putin annexed Crimea, were ramped up in 2022\. They hit most major Russian banks and included punishing export restrictions on microchips and other key military technologies; sanctions against Putin’s inner circle and Russian oligarchs; and an innovative price cap that penalized Russian oil sales while avoiding a big oil price jump. These sanctions had bite but they are wearing off as Russia adjusts and learns to evade them. The Russian economy has started to grow again, amid ramped up military spending that has [reached 10% of GDP](https://www.wilsoncenter.org/blog-post/russias-unprecedented-war-budget-explained), compared with 3-4% before the full-scale invasion. There are a lot of reports of goods, including banned ones, making their way to Russia via third countries (for example, there have been [huge jumps](https://twitter.com/RobinBrooksIIF/status/1732386289402446106) in German exports to Kyrgyzstan, with a lot of those products moving swiftly to Russia). And Russia is using a “shadow fleet” of oil tankers and fraudulent bookkeeping to undermine the oil price cap. While the biggest Russian banks have been cut off from the international financial system, especially the SWIFT clearing mechanism, smaller ones and Gasprombank, the big energy bank, remain in the international SWIFT system. This has [weakened](https://www.atlanticcouncil.org/blogs/econographics/russia-sanctions-database/) the financial pressure. Critics say that sanctions have failed. Some even say that sanctions are useless in any case. As the former U.S. State Department Coordinator for Sanctions, I helped put together the initial ones targeting Russia in 2014\. They were significant and what came after 2022 even more so. ### More From TIME Just look at the state of Russia’s economy. The IMF still [assesses](https://www.reuters.com/markets/europe/imf-russias-war-spending-fuels-short-term-growth-longer-term-outlook-dim-2023-10-13/) the country’s economic outlook as “dim.” Massive defense spending has artificially jacked up Russian GDP. Capital controls that force Russian firms to [sell their hard foreign currency](https://www.reuters.com/markets/europe/russian-government-sets-out-capital-control-rules-undisclosed-exporters-2023-10-13/) to the state have inflated the value of an otherwise weak ruble. Yet these dramatic measures cannot fully make up for the impact of economic pressure. The West can also tighten the screws by intensifying sanctions and enforcement. With Ukraine’s stalling counteroffensive, this is the time to lean into economic pressure on Russia, not let up. **Read More:** [_Inside Volodymyr Zelensky’s Struggle to Keep Ukraine in the Fight_](https://time.com/6329188/ukraine-volodymyr-zelensky-interview/) The U.S. and Europe have plenty of options to do this. They can toughen export controls on niche technologies that Russia needs for its war-footing. They can [close gaps](https://www.atlanticcouncil.org/blogs/new-atlanticist/rebooting-the-russian-oil-price-cap/) in the oil price cap by going after Russia’s “ghost fleet” of tankers and oil brokers that falsify invoices to skirt the restrictions. They can [take the $300 or so billion](https://time.com/6317191/russia-frozen-assets-rebuild-ukraine/) in frozen Russian assets and use them to help Ukraine—a bit of [poetic justice](https://www.washingtonpost.com/opinions/2023/03/20/transfer-russian-frozen-assets-ukraine/) that U.S. and European taxpayers might appreciate. They can extend the financial sanctions to all Russian banks (with exemptions for food, medicine, and non-military transactions) to deepen Russia’s isolation. They can clamp down on exports to places like Kyrgyzstan that are actually bound for Russia. The U.S., E.U., and the U.K. are already taking some of these steps and Washington announced [new sanctions](https://www.reuters.com/world/us/us-issues-sweeping-sanctions-targeting-russia-over-ukraine-war-2023-12-12/) on Dec. 12\. They can do more. In the short-term, advancing economic pressure on Russia can show that Putin cannot, as he hopes, wait out the West and grind Ukraine into submission. As the West learned during the Cold War, economic pressure can work. After the Soviet invasion of Afghanistan in 1979 and the imposition of martial law in Poland in the early 1980s to crush the country’s democratic movement, the U.S. tried to impose economic pressure on the USSR. Those efforts were seen at the time as inconsistent, contentious, and a failure. In retrospect, we see that they worked: they deprived the Soviet economy of key injections of Western investment and technology. In the 1980s, the Soviet economy sputtered and sank. In a few years more, the Soviet empire collapsed. The Putinist economy is similarly rigid, with little room for entrepreneurship amid the top-to-bottom corruption and cronyism. Russia’s massive military expenses and lack of investment will increase pressure on Russia’s economy by starving the rest of the economy of resources, just as happened with the Soviet economy. China and Russia’s other friends cannot fully make up for its economic vulnerabilities. Contending with Putin’s Russia will be a long-term challenge. The U.S. and its allies have economic tools to wield. We should use them. And mean it. ## Transcript president Elementary Water Estates today very good and productive meeting. Thank you all for being here. Just had a good meeting with President zelensky. I reiterated to him that we stand with him and against Putin this brutal Invasion the American people stand for freedom. And they're on the right side of this fight. I have asked the white house since the day that I was handed the gavel as Speaker for clarity. We need a clear articulation of the strategy to allow Ukraine to win and dust far their responses have been insufficiently have not provided us the clarity and the detail that we requested over and over since literally 24 hours after I was handed the gavel as Speaker of the House and so what the vitamin stration seems to be asking for is billions of additional dollars with no appropriate oversight no clear strategy to win and in none of the answers that I think the American people are owed. I've also made very clear from day one that our first condition on any National Security Supplemental spending package is about our own National Security First the border is an Absolute catastrophe in this is because of the policies of this White House at this ministration. It is not the houses issue right now. The issue was with the White House and the Senate and I implore them to do their job because the time is urgent and we do want to do the right thing here. All I have said is practically impossible even though we reach an agreement. The craft get it through the Senate go to the house before Christmas. That doesn't mean it's not important. And even though we've been emphasizing the Border. I want to remind everybody of the importance of Ukraine we heard from the president today. He is inspirational. They have fought one of our biggest adversaries for almost 2 years now. We're not losing track of that. It's just a border security applies to us as well. And that's why we've emphasized so much that subject in the last few days this morning leader McConnell and I welcomed president zelensky to the Senate his third visit to the capital in a meeting like no other He was extremely persuasive. This is a moment. We must meet if Ukraine Falls. It will be his star historic colossal tragedy historians will look back on this not two weeks from now but years from now and say this was one of the turning points where western civilization took a dramatic turn down wood with the US abandoned its Ally. I wish Republicans thought the funding for Ukraine was as important as they have said it is I wish that they were not demanding that we settle one of the most difficult and vexing domestic political issues in order to save Ukraine and Europe, but we remain at the table. We have put serious proposals on the table that responds Republican concerns and now is the time for Republicans to get in closing mode. We don't have time on our side. I called speaker Johnson last night and urged him to stay. I could I spoke to leader McConnell right after the dolinski meeting and urged him to stay if it's an emergency as so many Republicans have said on the border and many have said about Ukraine. You don't go home for three weeks. 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