One of the main minds behind sanctions on Russia, Russian economist and political refugee Sergei Guriev is adamant about their restraining power on the Kremlin.
The Russians know a thing or two about long winters.
EPA
Most media coverage has tended to focus on the Swift payments messaging system as the crux of Russia sanctions, but it’s actually peripheral.
Russians in Moscow and elsewhere flocked to ATMs to withdraw cash, fearful that the ruble will plunge further due to Western sanctions.
AP Photo/Victor Berzkin
By working with allies, the Biden administration has been able to place severe sanctions on Russia – including targeting Putin’s inner circle and banning banks from SWIFT.