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This is hands-down the best explanation I've heard on why sanctions on Russia backfired, and why they were never going to succeed in the first place. By economist James K. Galbraith, professor at the University of Texas at Austin. Best quote of his explanation: "This is a situation in... which the sanctions were imposed by one important sector of the world economy which then cut itself off from resources that it needs - and that's particularly true of Western Europe - in return for cutting Russia off from various things that Russia doesn't really need." Second best quote: "If you go back to the period before the introduction of the sanctions [...] the Russian economy was very heavily colonized by Western firms. That was true in automobiles, it was true in aircrafts, it was true in everything from fast food restaurants to big box stores. Western firms were present all throughout the Russian economy. A great many of them [...] either chose to exit Russia or were pressured to exit Russia after early 2022. So on what terms did they leave? Well, they were required, if they were leaving permanently, to sell their capital equipment, their factories and so forth, to let's say a Russian business which would get a loan from Russian banks or maybe have other sources of financing, at a very favorable price for the Russians. So effectively a lot of capital wealth, which was partly owned by the West, has been transferred to Russian ownership. And you now have an economy which is moving forward and has the advantage compared to Europe of relatively low resource costs because Russia is a great producer of resources, oil and gas and fertilizer and food stuff and so forth. And so while the Europeans are paying maybe twice in Germany what they were paying for energy, the Russians are not, they're paying perhaps less than they were paying before the war. So again I characterize the effect of the sanctions, in fact as being in certain respects a gift to the Russian economy. And this is, I think, quite different from what the authors of the sanctions expected. [...] And the essence of the situation is this would not have happened without the sanctions. You could have had the war, and it would have gone pretty much as it has gone. But the Russian government in 2022 was in no position to force the exit of Western firms. It didn't want to, wouldn't have done that. It was in no position to force its oligarchs to choose between Russia and the West. It didn't wish to do that. These choices were imposed by the West, and the results were actually, in many respects, favorable to the long-term independent development of the Russian Federation's economy."show more

Arnaud Bertrand

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988,108 views • 2 years ago •via X (Twitter)

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10 Comments

Arnaud Bertrand2 years ago

Link to the video on YouTube:

Arnaud Bertrand2 years ago

Legitimate question 👇 Maybe the sanctions had exactly the effect they intended to have, just not the publicized one...

Anonymous2 years ago

But what if the purpose of the sanctions was actually not to damage the Russian economy but to damage the European economy, to remove the latter as an economic competitor for the United States and to make it dependent on US energy?

Dr. Marc Tafuro2 years ago

I was being sarcastic but wasn’t too far off…

Peace-Monger2 years ago

It’s weird how Nobel Prize winning economist Paul Krugman didn’t understand sanctions wouldn’t work

Will Schryver2 years ago

Thanks for posting the full interview. Galbraith's arguments are unassailable. I had previously seen only an extract, to which I commented: Absolutely NOTHING could have pleased Putin and his supporters more than: 1) Driving predatory western capitalists out of Russia. 2) Severely weakening (or bringing to heel) the power of the Russian oligarchs western capital had spawned.

Dogmatix2 years ago

Nothing overly surprising about this analysis. It was obvious to me by the 3rd month of the war that Russia was 100% committed to the SMO and that the West had completely underestimated them. The key really is its relationship with China. The Sabre rattling against China especially coming from the US government virtually guaranteed an alliance would form between the Bear and Dragon. Considering how methodical and conservative Putin is this relationship was solid prior to the February invasion. The West in its hubris and vanity failed to game out likely scenarios. NATO pushed this war and has ended up weaker, less secure and poorer as a result.

Si Rasputin2 years ago

Russia is too big to sanction. This should have been clear from the start. Furthermore, it borders China, which can turbocharge the Russian economy by reorientation away from Europe. Both economies are complimentary. The west forced this reorientation onto Russia. Russia wins

Pavlos Papageorgiou2 years ago

That and a protectionist barrier is a gift: It allowed Russia to produce aircraft systems, and China semiconductors, much faster than either of their governments could have mandated through an "import substitution program"

Тоби айоделе -Tboy🇳🇬🇷🇺2 years ago

How do you sanction a country that have all the earth minerals that are needed? Russia is self sufficient in everything and have many friends to rely on for any imports. Did the collective west think they really control everything as far east as Russia? How sad to have such high think of one self. Sadly they still think their sanctions have an impact forgetting about the EU and their daily struggles.

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Li Jingjing 李菁菁

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Ignorance, the root and stem of all evil

287,524 views • 2 years ago

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Devana 🇺🇦

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Ignorance, the root and stem of all evil

31,134 views • 1 year ago

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174,943 views • 1 year ago

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971,516 views • 10 months ago

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Carney: "Canada's position is to maintain sanctions on Russia, including on the shadow fleet which is moving it's oil. There has been very tight cooperation between Russia and Iran at great cost to the people of Ukraine and a great threat to peace and security in Europe. The coalition of the willing has stood up to that — in providing the framework for security guarantees, in providing support and training and materiel to Ukraine, and in terms of sanctions which we stand by and will continue to do so."

Kate from Kharkiv

49,819 views • 5 months ago

Putin was stunned by an uncomfortable question. It seems the dictator has forgotten how to answer them An Indian journalist caught Putin off guard with a question about Russian-speaking Ukrainians. Geeta Mohan asked the Russian leader what he could say to those Russian-speaking residents of Ukraine who, at the start of the invasion, were asking: “Why is Putin doing this to us?” Many of them spoke Russian, did not consider Russia an enemy, and never expected Russians to start destroying their homes. Putin was clearly confused and interrupted her: “I didn’t understand the question — shocked by what?” Mohan clarified that people were shocked that it was Russia that destroyed their homes. After a pause, Putin delivered a standard set of propaganda talking points: 📌 that these people supposedly lived in areas controlled by Kyiv, which the “Kyiv regime” was “destroying”; 📌 that Moscow was “forced” to launch the operation and “support” the occupation administrations; 📌 that “everyone could have left” if they didn’t want to “be with Russia”; 📌 and that the “referendums” were allegedly “open”. He never answered the main question — why Russia struck those it claimed it intended to protect.

Putin was stunned by an uncomfortable question. It seems the dictator has forgotten how to answer them An Indian journalist caught Putin off guard with a question about Russian-speaking Ukrainians. Geeta Mohan asked the Russian leader what he could say to those Russian-speaking residents of Ukraine who, at the start of the invasion, were asking: “Why is Putin doing this to us?” Many of them spoke Russian, did not consider Russia an enemy, and never expected Russians to start destroying their homes. Putin was clearly confused and interrupted her: “I didn’t understand the question — shocked by what?” Mohan clarified that people were shocked that it was Russia that destroyed their homes. After a pause, Putin delivered a standard set of propaganda talking points: 📌 that these people supposedly lived in areas controlled by Kyiv, which the “Kyiv regime” was “destroying”; 📌 that Moscow was “forced” to launch the operation and “support” the occupation administrations; 📌 that “everyone could have left” if they didn’t want to “be with Russia”; 📌 and that the “referendums” were allegedly “open”. He never answered the main question — why Russia struck those it claimed it intended to protect.

NEXTA

548,620 views • 8 months ago

The Ukrainians were fed a lie by the Biden administration, who threw Ukrainian bodies into the Russian meat grinder in an effort to weaken Russia. Instead, the opposite happened. Russia is stronger as a result of the war, contrary to the lies being pumped out by the mainstream media. Secretary of State Marco Rubio: “There is one lie—we were told that Ukraine would not only defeat Russia, but destroy it, completely pushing it back to the borders of 2012 or 2014, to Crimea and other territories. But the reality is this: for a year and a half now, Ukraine has been asking for funding to maintain a dead-end, protracted conflict.” “The President's position is that this is a protracted conflict and it needs to end. And it needs to be ended through negotiations. In all negotiations, the parties have to give up something.” “Both sides have an incentive to end the conflict. It will not end with the achievement of the maximalist goals of one of the sides.” Finally, Rubio made it clear that the war in Ukraine has strengthened Russia. "If you look around the world, I would say that in many cases our adversaries are stronger than they have ever been, and have gotten stronger in the last four years. Certainly Russia does not consider itself weaker than it was four years ago. They now control territory that they did not have when Donald Trump left office.”

The Ukrainians were fed a lie by the Biden administration, who threw Ukrainian bodies into the Russian meat grinder in an effort to weaken Russia. Instead, the opposite happened. Russia is stronger as a result of the war, contrary to the lies being pumped out by the mainstream media. Secretary of State Marco Rubio: “There is one lie—we were told that Ukraine would not only defeat Russia, but destroy it, completely pushing it back to the borders of 2012 or 2014, to Crimea and other territories. But the reality is this: for a year and a half now, Ukraine has been asking for funding to maintain a dead-end, protracted conflict.” “The President's position is that this is a protracted conflict and it needs to end. And it needs to be ended through negotiations. In all negotiations, the parties have to give up something.” “Both sides have an incentive to end the conflict. It will not end with the achievement of the maximalist goals of one of the sides.” Finally, Rubio made it clear that the war in Ukraine has strengthened Russia. "If you look around the world, I would say that in many cases our adversaries are stronger than they have ever been, and have gotten stronger in the last four years. Certainly Russia does not consider itself weaker than it was four years ago. They now control territory that they did not have when Donald Trump left office.”

Ian Miles Cheong

27,943 views • 1 year ago

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Ignorance, the root and stem of all evil

12,892 views • 27 days ago

☝️ “If, God forbid, the Nazis had won WWII, the world would be completely different. The fate of the Russian and other peoples of Russia would also be completely different—in fact, there would be no fate at all. According to Reich documents, part of the Slavic population of Russia was to be used for labor—those who could work. Another part, those unable to work, were to be resettled to the north, to uninhabited regions, which clearly meant certain death. The final part was to be exterminated in gas chambers. The destiny of Russians and other peoples of Russia would have been different from that of the Western Europeans enslaved by Nazi Germany. Europeans were seen more or less as genetically related, and the Nazis believed it was possible to coexist with them. But not with Russians. The Russian people were to be liquidated. We must never forget this and must never allow anyone to speculate, saying things like, "Why did we have to fight for Leningrad? It could have been surrendered, and then there would have been fewer casualties." Yes, perhaps there would have been fewer casualties, but then those who say such things would not exist” - President Putin

☝️ “If, God forbid, the Nazis had won WWII, the world would be completely different. The fate of the Russian and other peoples of Russia would also be completely different—in fact, there would be no fate at all. According to Reich documents, part of the Slavic population of Russia was to be used for labor—those who could work. Another part, those unable to work, were to be resettled to the north, to uninhabited regions, which clearly meant certain death. The final part was to be exterminated in gas chambers. The destiny of Russians and other peoples of Russia would have been different from that of the Western Europeans enslaved by Nazi Germany. Europeans were seen more or less as genetically related, and the Nazis believed it was possible to coexist with them. But not with Russians. The Russian people were to be liquidated. We must never forget this and must never allow anyone to speculate, saying things like, "Why did we have to fight for Leningrad? It could have been surrendered, and then there would have been fewer casualties." Yes, perhaps there would have been fewer casualties, but then those who say such things would not exist” - President Putin

🇷🇺Russia is not Enemy

107,834 views • 10 months ago

During the parade in Moscow on May 9th, Russia will celebrate a slightly different victory than Europe - it will celebrate victory in the Great Patriotic War. This is an important distinction, so I thought I'd explain this further. Russia's collective memory separates World War II and the Great Patriotic War (as Soviet, then Russian historians have called it). The Great Patriotic War (GPW) began on 22nd June, 1941 and ended on 9th May, 1945. Russia calls this war "sacred" and draws many of its current narratives from it. Russians are firmly convinced it was solely the USSR that won the war and that only the USSR suffered (or at least suffered the most) in WWII. The "GPW" was a tragedy of an enormous scale to the USSR - it lost 24-27 million of its population, a large part of the country was in ruins, the economy was devastated. A lot of it was actually due to USSR leaders not caring about losses and people's suffering. As we now know, the USSR would not have achieved military advantage and would suffer even more without the help of the Allied powers and the lend-lease program from the United States, although Russia conveniently omits that in its victory day hysterics. Putin has built a Victory cult in Russia during his reign. Some experts call it "victory delirium" (this is a loose translation). Victory has become a cornerstone of the Russian propaganda and a fetish in and of itself. Putin used that rhetoric to justify the Russian invasion into Ukraine - he says Russia is fighting against "Nazis" again, this time in Ukraine. When Russians talk about the war, their motto is "We can repeat that!" - meaning that Russian soldiers can once more march through Europe. You've probably heard Russian propagandist Solovyev's claims to "remain in Berlin this time". This is a true cult of war that militarizes children (see videos attached to this post), omits inconvenient truths and feeds the state propaganda machine. During that parade, Russians will not mourn the millions of victims of the war. They will not strive for peace - they will glorify the "Russian military might" and threaten other countries with missile and nuclear strikes. Russia has perverted a day of remembrance, mourning and reflection into a filthy instrument of state propaganda. 📹: Russian children in Voronezh and Dagestan

During the parade in Moscow on May 9th, Russia will celebrate a slightly different victory than Europe - it will celebrate victory in the Great Patriotic War. This is an important distinction, so I thought I'd explain this further. Russia's collective memory separates World War II and the Great Patriotic War (as Soviet, then Russian historians have called it). The Great Patriotic War (GPW) began on 22nd June, 1941 and ended on 9th May, 1945. Russia calls this war "sacred" and draws many of its current narratives from it. Russians are firmly convinced it was solely the USSR that won the war and that only the USSR suffered (or at least suffered the most) in WWII. The "GPW" was a tragedy of an enormous scale to the USSR - it lost 24-27 million of its population, a large part of the country was in ruins, the economy was devastated. A lot of it was actually due to USSR leaders not caring about losses and people's suffering. As we now know, the USSR would not have achieved military advantage and would suffer even more without the help of the Allied powers and the lend-lease program from the United States, although Russia conveniently omits that in its victory day hysterics. Putin has built a Victory cult in Russia during his reign. Some experts call it "victory delirium" (this is a loose translation). Victory has become a cornerstone of the Russian propaganda and a fetish in and of itself. Putin used that rhetoric to justify the Russian invasion into Ukraine - he says Russia is fighting against "Nazis" again, this time in Ukraine. When Russians talk about the war, their motto is "We can repeat that!" - meaning that Russian soldiers can once more march through Europe. You've probably heard Russian propagandist Solovyev's claims to "remain in Berlin this time". This is a true cult of war that militarizes children (see videos attached to this post), omits inconvenient truths and feeds the state propaganda machine. During that parade, Russians will not mourn the millions of victims of the war. They will not strive for peace - they will glorify the "Russian military might" and threaten other countries with missile and nuclear strikes. Russia has perverted a day of remembrance, mourning and reflection into a filthy instrument of state propaganda. 📹: Russian children in Voronezh and Dagestan

Anton Gerashchenko

771,571 views • 1 year ago

Sen. Shaheen: There's bipartisan agreement in this Senate that we should be putting more pressure on Russia. Rubio: Russia is under incredible amount of pressure. Sen. Shaheen: President Trump made a promise to end war in Ukraine on day one. And here we are, almost year and half into this administration, and he has let Russia and Putin off the hook. Graham-Blumenthal sanctions bill would do that in a way that would force Russia to come to the table and finally fulfill that promise. Rubio: I disagree with that statement. Sen. Shaheen: Well, you and I are going to have to disagree on that, Mr. Secretary. Rubio: We are, because I can tell you that at the highest levels of our administration, we've committed an extraordinary amount of time to the Ukrainian situation and trying to resolve that conflict. Meeting after meeting, all over the world, many of which I attended myself, to try to bridge the differences between the two sides. We've not been successful to date, but not for lack of trying. And we continue to be prepared to play that role. Sen. Shaheen: But, Mr. Secretary, you rightly imposed sanctions on Lukoil and Rosneft. And you've lifted those and you've given Russia the ability to continue to fund their war in Ukraine. Rubio: We have not lifted the sanctions. The sanctions remain in place. What's been granted is a license for a short-term period of time because of global oil demand. Sen. Shaheen: We're arguing semantics here. Rubio: I've acknowledged there's a trade-off in the broader policy. Sen. Shaheen: If Russians are able to make money, then they're not being hurt by the sanctions that were put in place. Rubio: Well, there are plenty of other sanctions that are hurting them. But I will tell you that in that case, I have acknowledged that there was a trade-off here between the destabilization of the availability of oil for countries in the Indo-Pacific in particular, and the decision that was made in the short term on this specific oil. Sen. Shaheen: Except that the cost of a barrel of oil was $100 when you lifted those sanctions, and it's still over $100. So it hasn't provided the kind of relief. Rubio: It would have been much higher if that oil wasn't available. But it's not just the cost, it's the availability.

Sen. Shaheen: There's bipartisan agreement in this Senate that we should be putting more pressure on Russia. Rubio: Russia is under incredible amount of pressure. Sen. Shaheen: President Trump made a promise to end war in Ukraine on day one. And here we are, almost year and half into this administration, and he has let Russia and Putin off the hook. Graham-Blumenthal sanctions bill would do that in a way that would force Russia to come to the table and finally fulfill that promise. Rubio: I disagree with that statement. Sen. Shaheen: Well, you and I are going to have to disagree on that, Mr. Secretary. Rubio: We are, because I can tell you that at the highest levels of our administration, we've committed an extraordinary amount of time to the Ukrainian situation and trying to resolve that conflict. Meeting after meeting, all over the world, many of which I attended myself, to try to bridge the differences between the two sides. We've not been successful to date, but not for lack of trying. And we continue to be prepared to play that role. Sen. Shaheen: But, Mr. Secretary, you rightly imposed sanctions on Lukoil and Rosneft. And you've lifted those and you've given Russia the ability to continue to fund their war in Ukraine. Rubio: We have not lifted the sanctions. The sanctions remain in place. What's been granted is a license for a short-term period of time because of global oil demand. Sen. Shaheen: We're arguing semantics here. Rubio: I've acknowledged there's a trade-off in the broader policy. Sen. Shaheen: If Russians are able to make money, then they're not being hurt by the sanctions that were put in place. Rubio: Well, there are plenty of other sanctions that are hurting them. But I will tell you that in that case, I have acknowledged that there was a trade-off here between the destabilization of the availability of oil for countries in the Indo-Pacific in particular, and the decision that was made in the short term on this specific oil. Sen. Shaheen: Except that the cost of a barrel of oil was $100 when you lifted those sanctions, and it's still over $100. So it hasn't provided the kind of relief. Rubio: It would have been much higher if that oil wasn't available. But it's not just the cost, it's the availability.

Kate from Kharkiv

28,977 views • 2 months ago

🚨VLADYSLAV HERASKEVYCH: THERE WERE MANY RUSSIAN FLAGS IN THE STANDS AND ON A RUSSIAN ATHLETE’S HELMET, BUT THEY RECEIVED NO SANCTIONS AND WERE NOT DISQUALIFIED, DESPITE CLEAR VIOLATIONS OF IOC RULES — THIS PLAYS INTO RUSSIAN PROPAGANDA "This Olympic Games so far, we saw a lot of Russian flags on the tribunes. Fans use it a lot. Also, we saw Russian flag on the helmet of the one of the athletes on the venue. And I told her that I'm forced to also look on the Russian media because it makes big impact in my country. And I saw that they meet this news about Russian flags in a very... They were very grateful for that. They were stating that they're happy to see Russian flag back to Olympics. Despite fact of the violation of IOC rules this athlete and spectators, as I know so far, - didn't receive any sanctions or they wasn't disqualified as I was. And I told her that when they have this behavior towards this athlete, towards Russian flags, and when on another side, they have me and they try to implement some rules in such a way that some people may see it not fair. So I think it plays along with Russian propaganda, and I told her about it. I told my concerns", - Ukrainian skeleton racer Vladyslav Heraskevych banned by IOC said on Thursday that, Feb 12, 2026

🚨VLADYSLAV HERASKEVYCH: THERE WERE MANY RUSSIAN FLAGS IN THE STANDS AND ON A RUSSIAN ATHLETE’S HELMET, BUT THEY RECEIVED NO SANCTIONS AND WERE NOT DISQUALIFIED, DESPITE CLEAR VIOLATIONS OF IOC RULES — THIS PLAYS INTO RUSSIAN PROPAGANDA "This Olympic Games so far, we saw a lot of Russian flags on the tribunes. Fans use it a lot. Also, we saw Russian flag on the helmet of the one of the athletes on the venue. And I told her that I'm forced to also look on the Russian media because it makes big impact in my country. And I saw that they meet this news about Russian flags in a very... They were very grateful for that. They were stating that they're happy to see Russian flag back to Olympics. Despite fact of the violation of IOC rules this athlete and spectators, as I know so far, - didn't receive any sanctions or they wasn't disqualified as I was. And I told her that when they have this behavior towards this athlete, towards Russian flags, and when on another side, they have me and they try to implement some rules in such a way that some people may see it not fair. So I think it plays along with Russian propaganda, and I told her about it. I told my concerns", - Ukrainian skeleton racer Vladyslav Heraskevych banned by IOC said on Thursday that, Feb 12, 2026

Kateryna Lisunova

273,420 views • 6 months ago