Leibowitz on Trade: The Limits of Sanctions on Russia

The buzz about the war in Ukraine has shifted. For the first three months of the conflict, Ukraine was hailed for a valiant struggle against a strong Russian foe. This valor is part of a larger struggle—the preservation of peace against the threat of violent conquest of weak nations by stronger ones. The stakes could hardly be higher.

The thirty NATO countries have shown uncharacteristic unity in standing up to Russia. Sanctions of unprecedented severity (at least since World War II) were imposed and later strengthened. And, of course, sophisticated weapons are being sent to Ukraine. These weapons have helped Ukraine achieve a stalemate on the battlefield.