By Ivan Timofeev, programme director of the Valdai Club.
The measures were supposed to bring Moscow to its knees, but all they’ve really achieved is to make everyone in Europe poorer
Foreign media and analysts are increasingly accepting that sanctions against Russia have failed to produce the results that were expected.
But much depends on how we view the effectiveness of sanctions, and on how we determine the concept. There is a classical definition, which implies that it’s determined by the political result, i.e. the impact on the policy course of the target country – be it foreign or domestic. We can see that the penalties have not led to an outcome that would be favorable to the West. On the contrary, Moscow is pursuing its ambitions even more resolutely.
We can also look at the strength of the measures in terms of damage to the target economy, and there has been pain. The sanctions have had a negative impact on trade with our traditional partners in the European Union and other Western countries. But these states also suffer harm, so it’s mutual.