WASHINGTON: Waves of sanctions imposed by the Biden administration after Russia’s invasion of Ukraine haven’t inflicted the devastating blow to Moscow’s economy that some had expected. In a new report, two researchers are offering reasons why.
Oleg Itskhoki of Harvard University and Elina Ribakova of the Peterson Institute for International Economics argue that the sanctions should have been imposed more forcefully immediately after the invasion rather than in a piecemeal manner.
“In retrospect, it is evident that there was no reason not to have imposed all possible decisive measures against Russia from the outset once Russia launched the full scale invasion in February 2022,” the authors state in the paper. Still, “the critical takeaway is that sanctions are not a silver bullet,” Ribakova said on a call with reporters this week, to preview the study.
The researchers say Russia was able to brace for the financial penalties because of the lessons learned from sanctions imposed in 2014 after it invaded Crimea. Also, the impact was weakened by the failure to get more countries to participate in sanctions, with economic powers like China and India not included.
The report says that “while the count of sanctions is high, the tangible impact on Russia’s economy is less clear,” and “global cooperation is indispensable.”
The question of what makes sanctions effective or not is important beyond the Russia-Ukraine war. Sanctions have become critical tools for the United States and other Western nations to pressure adversaries to reverse actions and change policies while stopping short of direct military conflict.
The limited impact of sanctions on Russia has been clear for some time. But the report provides a more detailed picture of how Russia adapted to the sanctions and what it could mean for US sanctions’ effectiveness in the future.
The paper will be presented at the Brookings Institution next week.
Since the beginning of Russia’s invasion of Ukraine in February 2022, the US has sanctioned more than 4,000 people and businesses, including 80 percent of Russia’s banking sector by assets.
The Biden administration acknowledges that sanctions alone cannot stop Russia’s invasion — it has also sent roughly $56 billion in military assistance to Ukraine since the 2022 invasion. And many policy experts say the sanctions are not strong enough, as evidenced by the growth of the Russian economy. US officials have said Russia has turned to China for machine tools, microelectronics and other technology that Moscow is using to produce missiles, tanks, aircraft and other weaponry for use in the war.
A Treasury representative pointed to Treasury Secretary Janet Yellen’s remarks in July during the Group of 20 finance ministers meetings, where she called actions against Russia “unprecedented.”
“We continue cracking down on Russian sanctions evasion and have strengthened and expanded our ability to target foreign financial institutions and anyone else around the world supporting Russia’s war machine,” she said.
Still, Russia has been able to evade a $60 price cap on its oil exports imposed by the US and the other Group of Seven democracies supporting Ukraine. The cap is enforced by barring Western insurers and shipping companies from handling oil above the cap. Russia has been able to dodge the cap by assembling its own fleet of aging, used tankers that do not use Western services and transport 90 percent of its oil.
The US pushed for the price cap as a way of cutting into Moscow’s oil profits without knocking large amounts of Russian oil off the global market and pushing up oil prices, gasoline prices and inflation. Similar concerns kept the European Union from imposing a boycott on most Russian oil for almost a year after Russia invaded Ukraine.
G-7 leaders have agreed to engineer a $50 billion loan to help Ukraine, paid for by the interest earned on profits from Russia’s frozen central bank assets sitting mostly in Europe as collateral. However, the allies have not agreed on how to structure the loan.
Russia’s adaptability to US sanctions stymied their effectiveness, economists say
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Russia’s adaptability to US sanctions stymied their effectiveness, economists say
- The report says that “while the count of sanctions is high, the tangible impact on Russia’s economy is less clear,” and “global cooperation is indispensable”
Reference to Trump’s impeachments is removed from the display of his Smithsonian photo portrait
- For now, references to Presidents Andrew Johnson and Bill Clinton being impeached in 1868 and 1998, respectively, remain as part of their portrait labels, as does President Richard Nixon’s 1974 resignation as a result of the Watergate scandal
WASHINGTON: President Donald Trump’s photo portrait display at the Smithsonian’s National Portrait Gallery has had references to his two impeachments removed, the latest apparent change at the collection of museums he has accused of bias as he asserts his influence over how official presentations document US history.
The wall text, which summarized Trump’s first presidency and noted his 2024 comeback victory, was part of the museum’s “American Presidents” exhibition. The description had been placed alongside a photograph of Trump taken during his first term. Now, a different photo appears without any accompanying text block, though the text was available online. Trump was the only president whose display in the gallery, as seen Sunday, did not include any extended text.
The White House did not say whether it sought any changes. Nor did a Smithsonian statement in response to Associated Press questions. But Trump ordered in August that Smithsonian officials review all exhibits before the nation celebrates the 250th anniversary of the Declaration of Independence on July 4. The Republican administration said the effort would “ensure alignment with the president’s directive to celebrate American exceptionalism, remove divisive or partisan narratives, and restore confidence in our shared cultural institutions.”
Trump’s original “portrait label,” as the Smithsonian calls it, notes Trump’s Supreme Court nominations and his administration’s development of COVID-19 vaccines. That section concludes: “Impeached twice, on charges of abuse of power and incitement of insurrection after supporters attacked the US Capitol on January 6, 2021, he was acquitted by the Senate in both trials.”
Then the text continues: “After losing to Joe Biden in 2020, Trump mounted a historic comeback in the 2024 election. He is the only president aside from Grover Cleveland (1837– 1908) to have won a nonconsecutive second term.”
Asked about the display, White House spokesman Davis Ingle celebrated the new photograph, which shows Trump, brow furrowed, leaning over his Oval Office desk. Ingle said it ensures Trump’s “unmatched aura ... will be felt throughout the halls of the National Portrait Gallery.”
The portrait was taken by White House photographer Daniel Torok, who is credited in the display that includes medallions noting Trump is the 45th and 47th president. Similar numerical medallions appear alongside other presidents’ painted portraits that also include the more extended biographical summaries such as what had been part of Trump’s display.
Sitting presidents are represented by photographs until their official paintings are commissioned and completed.
Ingle did not answer questions about whether Trump or a White House aide, on his behalf, asked for anything related to the portrait label.
The gallery said in a statement that it had previously rotated two photographs of Trump from its collection before putting up Torok’s work.
“The museum is beginning its planned update of the America’s Presidents gallery which will undergo a larger refresh this Spring,” the gallery statement said. “For some new exhibitions and displays, the museum has been exploring quotes or tombstone labels, which provide only general information, such as the artist’s name.”
For now, references to Presidents Andrew Johnson and Bill Clinton being impeached in 1868 and 1998, respectively, remain as part of their portrait labels, as does President Richard Nixon’s 1974 resignation as a result of the Watergate scandal.
And, the gallery statement noted, “The history of Presidential impeachments continues to be represented in our museums, including the National Museum of American History.”
Trump has made clear his intentions to shape how the federal government documents US history and culture. He has offered an especially harsh assessment of how the Smithsonian and other museums have featured chattel slavery as a seminal variable in the nation’s development but also taken steps to reshape how he and his contemporary rivals are depicted.
In the months before his order for a Smithsonian review, he fired the head archivist of the National Archives and said he was firing the National Portrait Gallery’s director, Kim Sajet, as part of his overhaul. Sajet maintained the backing of the Smithsonian’s governing board, but she ultimately resigned.
At the White House, Trump has designed a notably partisan and subjective “Presidential Walk of Fame” featuring gilded photographs of himself and his predecessors — with the exception of Biden, who is represented by an autopen — along with plaques describing their presidencies.
The White House said at the time that Trump himself was a primary author of the plaques. Notably, Trump’s two plaques praise the 45th and 47th president as a historically successful figure while those under Biden’s autopen stand-in describe the 46th executive as “by far, the worst President in American History” who “brought our Nation to the brink of destruction.”
