By imposing travel bans on people and prohibiting business relations with firms connected to Russian President Vladimir Putin, the West is sending a strong and positive signal. Other countries have imposed similar measures on the Kremlin.
While we wish the sanctions against Moscow were even stronger, the willingness to stay the course is an encouraging sign. Contrary to what Putin and his minions say, the sanctions, coupled with falling oil prices, are hammering Russia’s undiversified economy. Putin can blame the West all he wants, but Russians will eventually hold him to account for falling living standards.
Russians are poorer today, with the ruble losing 55 percent of its value since the start of the year. Inflation has exceeded 16 percent, according to the World Bank, and the Russian economy, dependent on the price of oil, is slated to shrink to $1.2 trillion this year, according to Russia’s Finance Ministry – down from nearly $2.2 trillion just two years ago.
And Russia’s Finance Ministry is forecasting a slight recession next year as well.
It’s abundantly clear that the policies of Putin, who controls the fate of 142 million people, are ruinous. The West must stay the course and even strengthen its sanctions. Putin can easily solve the problem returning Crimea to Ukraine, withdrawing his forces and weapons from the Donbas, and returning to Kyiv control of 400 kilometers of Ukraine’s eastern border.
