What did Putin do to provoke this unprecedented response? On February 24, after months of making threats and massing troops on Ukraine’s border, Russian troops invaded from the east, from the north, and from the South. Within days, apartment buildings and shopping complexes were being destroyed with artillery, and millions of Ukrainians were fleeing for their lives.
Putin said he launched the invasion because the presence of NATO troops and weapons in countries along Russia’s border threaten Russia’s security. Experts say his underlying aim is to reclaim the international status his country had when the Soviet Union was one of the world’s two great superpowers (see “Does Russia Want War?” in the Feb. 21, 2022, issue of Upfront).
But the Ukrainian military didn’t collapse within days. Resistance has been fierce, and Ukrainian President Volodymyr Zelensky has become an international hero for his refusal to flee or to give in to Russian invaders.
“We will fight till the end, at sea, in the air,” Zelensky said in a video address to the British Parliament, echoing the famous words of Winston Churchill during World War II. “We will fight in the forests, in the fields, on the shores, in the streets.”
With each passing day, it’s becoming clearer that Putin dramatically miscalculated not only the grit of the Ukrainian people to resist militarily, but also the economic consequences for Russia.
In addition to all the official sanctions, a growing list of American companies—including Shell, McDonald’s, Starbucks, and Coca-Cola—have voluntarily announced that they’re no longer doing business in Russia. Mastercard and Visa have stopped operating there. The result in Russia has been a collapse of the economy, with people seeing the value of their savings evaporate and the Western brands and conveniences they’re used to disappear.
In their entirety, the sanctions have in the space of a few weeks effectively undone 30 years of economic integration with the West. The Institute of International Finance, a Washington-based association of financial firms, predicts that Russia will see a 15-percent decline in its gross domestic product this year, which would wipe out much of the economic growth that Putin has presided over since taking office in 1999.
Many experts point out that sanctions, however, have a long history of failing to alter the behavior of rogue states or leaders. The question now is whether sanctions on this unprecedented scale can have an impact on Putin’s actions.
The U.S. is in a tricky position: It wants to support Ukraine and punish Russia, but it doesn’t want to provoke a nuclear-armed nation into escalating the fight, military experts say. Although President Biden today announced an additional $800 million in military aid, he has vowed to keep American troops out of the conflict.
“The idea that we’re going to send in offensive equipment and have planes and tanks and trains going in with American pilots and American crews—just understand, don’t kid yourself, no matter what y’all say, that’s called World War III,” Biden told a group of Democratic lawmakers.