Why economic sanctions do not work (1997) [pdf]
A big part of the point of these sanctions is effectively communicating to the Russian people the scale of the rest of the world&#x27;s disapproval of their government&#x27;s actions. The Kremlin can propagandize all they like, but it&#x27;s pretty tough to explain McDonald&#x27;s and Coca Cola, both profit seeking companies, voluntarily choosing to withdraw operations from their country. It&#x27;s a message that can cut through the propaganda and can&#x27;t be ignored.<p>The sanctions have already had a profound impact on the market valuations of Russian companies (they&#x27;re not trading, but we know that impact is going to be enormous), and the Russian ruble. These things cause real tangible pain to Russian citizens and their government. Their ability to conduct a military campaign is going to be severely limited by the lack of available inputs and capital as well, in a mechanical way. These sanctions may not get Russia to change its course, but they will significantly impede their ability to operate.