Matthew Valencia

War in Ukraine: are sanctions working?

Patrick Foulis, Matthew Valencia

Western nations have deployed unprecedented financial warfare against Russia, freezing $630 billion in central bank assets, severing key banking ties from the SWIFT system, and imposing targeted restrictions on Vladimir Putin's inner circle. These measures triggered immediate economic shockwaves characterized by record inflation, currency collapse, and the total failure of Russia's "Fortress Russia" defense strategy. While Moscow's current retaliation remains limited, strategic assessments indicate these sanctions aim to degrade Russian military capabilities over time rather than achieve immediate deterrence or halt the invasion.