Sanctions against Russian oligarchs. Do they work?

Last week the US Department of Justice announced that it is in its second phase of the campaign Task Force KleptoCapture which would focus on the enablers of Russian oligarchs who try to evade sanctions imposed on Russia since the invasion of Ukraine.

Daniel McDowell, associate professor at Syracuse University with a research focus on the international politics of money and finance. He studies and writes about sanctions, whether it is against individuals or entire nations. His book Bucking the Buck: US Financial Sanctions and the International Backlash Against the Dollar(Oxford) comes out this month.

In regards to the newest phase of Task Force KleptoCapture, he had this to say:

• “The theory behind targeting Russia’s economic elite is that they are powerful voices within the political system, and they will respond to the economic pain of sanctions by pressing Putin to revise his war aims. In other words, sanctioning oligarchs is a way to apply coercive pressure on important actors within Russia which, in turn, could help change Putin’s behavior,” said McDowell.

• “However, Western policymakers now acknowledge that the end game of the sanctions regime is less about coercion than it is about weakening the Russian economy to diminish its capacity to wage war. Sanctioning Russian billionaires does little to degrade Russian military capabilities, and so they are minimal consequences at this stage of the conflict,” said McDowell.

To schedule an interview with Prof. McDowell. Please contact Ellen James Mbuqe, executive director of media relations, at ejmbuqe@syr.edu 412-496-0551.