Prior to our first class, I made a quick trip to France. Some of my friends there were voicing hopes that the West's robust reaction to Russia's invasion of Ukraine - economic sanctions coupled with arms shipments and aid to Ukraine - would finally bear fruit in weeks to come. I have more doubts. The arms shipments and aid seem to be too little too late, as Russia has made some progress militarily in the Donbass region. And the sanctions in many ways have hurt the West more than Russia. Witness the energy crisis which is particularly pronounced in Western Europe due to the shortfall in Russian oil and gas shipments, contributing to a worldwide rise in the price of these essential energy sources.
Recently The Hill published a very cogent article by Brahma Chellaney on this very theme. The author goes through the many ways these sanctions have hurt Western economies while having a relatively small effect on Russia's. Part of the reason for the latter fact is that Russia was able to redirect much of their energy exports to other countries (China, India). Even at discounted prices, given the increases in the prices of crude oil and natural gas, these can be highly lucrative sales. This article is recommended reading, on themes we will discuss throughout this summer's iteration of Global Trends.