The Western powers are tightening the screws on Russian President Vladimir Putin: The next move appears to be a phased-in European ban on purchases of Russian oil.
It¡¯s the right policy, given that oil money is financing Putin¡¯s war in Ukraine and keeping the Russian economy alive. But the risks may be substantial: Revisionist powers have sometimes become most violent when campaigns of economic strangulation against them are about to succeed.
The classic example is Japan before World War II. For a decade, Tokyo had been seeking a vast empire in Asia. It had embarked on a military rampage, seizing Manchuria, invading China and expanding into Southeast Asia.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.