Too smart by half.docxVIP

The economic battlegroundToo smart by half?Effective sanctions have always been hard to craftWHEN Russia annexed Crimea in March, Western leaders hoped that carefully crafted “smart” financial sanctions, directed at Vladimir Putin’s inner circle, plus some old-fashioned embargoes, for instance of high-tech equipment, might persuade him not to invade eastern Ukraine. Or at least, given that they had no stomach for stronger options, they said that was their hope.Either way, the response has so far been in vain. Sanctions have hurt the Russian economy, but they have had no discernible effect on M