The never-ending controversy over the real effect of economic and financial sanctions has split pundits and media commentators into two camps. Some experts deem such bans and restrictions to be a powerful tool in the arsenal of foreign policy while others issue dire warnings against America’s overuse of government sanctions. Over the past decade, economic sanctions have become a “silver bullet” solution in the US foreign policy, being much cheaper and more effective in dealing with America’s opponents than traditional military power. However, the misuse of sanctions has been widely discussed in the media lately as risks of overreach associated with economic restrictions could neutralize this weapon and even harm America.
Secretary of the US Treasury Jacob J. Lew, though long a strong advocate of imposing sanctions, has warned the government about possible adverse implications thereof. We cannot deny the fact that America’s restrictions have so far indeed produced certain results as US financial markets remain the central nervous system of the world economy. Still, applying too many sanctions too often is likely to render the US system overly complicated and inefficient for foreigners, so they would eventually find ways to do business outside US markets. Moreover, another serious issue that needs to be handled, according to Lew, is non-systematic reinforcement of sanctions, coupled with the conviction that if the existing measures do not work, ever more restrictions should be implemented.
Western sanctions have so far failed in convincing Russia to return Crimea to Ukraine or fulfill its obligations under the Minsk agreements. The official believes that patience is the key in this case, rather than throwing around threats to tighten the sanctions regime. Even the most effective medications lose their potency when overused. The same is true for sanctions.
