Tough sanctions loom against Russia, effectiveness uncertain

After the threat of sweeping sanctions didn't deter Russia's attack on Ukraine, U.S. Treasury Department officials and their counterparts in Europe now face the task of carrying through on their vow to make Russia's economy and its elites pay a price.

Key questions are whether sanctions will work and how to measure their impact.

With inflation already at record highs, a global pandemic that keeps businesses struggling to reopen and an energy shortage throughout Europe, the right way to punish one of the world's major economies can be complex to tease out.

"The only indicator that matters is whether it deters Putin from further moves in Ukraine," Dartmouth Prof. William C. Wohlforth states in his recent interview with AP News, "Sanctions on this or that oligarch will have zero effect."

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