Finance & economics | Taking aim

America prepares the “mother of all sanctions” against Russia

How much would they hurt?

HAVING ALL but ruled out engaging militarily with Russia, directly at least, were it to invade Ukraine, the West’s main weapons are economic. This week America and Britain vowed measures on a scale never seen before. “The mother of all sanctions”, was how Bob Menendez, chairman of the US Senate’s foreign-relations committee, described the package being assembled by the chamber. President Joe Biden says Vladimir Putin, his Russian counterpart, has “never seen sanctions like the ones I promised will be imposed”. For sanctions to work, though, Western allies will need to show unity, and be willing to shoulder some economic pain themselves. History suggests that this may be their greatest challenge.

This article appeared in the Finance & economics section of the print edition under the headline “Taking aim”

How high will interest rates go?

From the February 5th 2022 edition

Discover stories from this section and more in the list of contents

Explore the edition

More from Finance & economics

A ping pong game with a container instead of a ball.

Do tariffs raise inflation?

Usually. But the bigger problem is that they harm economic growth and innovation

A Gulfstream G600 from Hampshire Aviation Company lands at Barcelona Airport in Barcelona, Spain.

European governments struggle to stop rich people from fleeing

Exit taxes are popular, and counter-productive


Eagle claws, getting ready to collect bonds from a top hat.

Saba Capital wages war on underperforming British investment trusts

How many will end up in Boaz Weinstein’s sights?


Has Japan truly escaped low inflation?

Its central bankers are increasingly hopeful

How American bankers dodged the MAGA carnage

The masters of the universe have escaped an anti-globalist revolt