Jeffrey Sachs at CNN:
There are countless problems with economic sanctions.
The first is that even as sanctions cause economic distress in Russia, they are unlikely to change Russian politics or policies in any decisive way. Think of the harsh sanctions the US has imposed on Venezuela, Iran and North Korea. Yes, they’ve weakened these economies, but they’ve not changed the politics or policies of these countries in the ways the US government has sought.
The second problem is that sanctions are easy to evade at least in part, and more evasions are likely to emerge over time. The US sanctions apply most effectively to dollar-based transactions involving the US banking system. Countries seeking to evade the sanctions find ways to make transactions through non-bank or non-dollar means. We can expect a rising number of transactions with Russia in rubles, rupees, renminbi and other non-dollar currencies.
The third and related problem is that most of the world does not believe in the sanctions — and also does not take sides in the Russia-Ukraine war.