Western states hit Russia with a package of sanctions so unprecedented that they were described as a “declaration of war” by Russia’s president, Vladimir Putin. The hope was that beyond the measures targeting the Russian central bank and financial institutions, asset freezes and travel bans would “entice” powerful oligarchs and members of Putin’s inner circle to influence the Russian leader to call off the invasion. Some even suggested that sanctions might topple the regime.
But while the world rejoiced at the spectacle of seized lavish superyachts and secluded chalets, Russian troops continued making inroads and attacking Ukrainian cities. Only two of the sanctioned individuals expressed their rather reserved disapproval of the war – hardly the “mounting pressure” that the west might have envisioned.
