Russia Sanctions Mark Turning Point in Economic Statecraft, Raising Need for New Frameworks

Economic statecraft tools like sanctions are powerful but can cause unintended harm if not used carefully. Overuse risks alienating countries from the dollar system.

Sweeping sanctions on Russia were an unprecedented economic war experiment. Results are mixed and lessons must be learned before applying the same methods elsewhere.

New guidelines and frameworks are needed on when and how to use sanctions and asset seizures. This can reassure global south countries worried about Western overreach.

Positive economic statecraft like trade and aid remain powerful and should not be neglected. Tools like IMF and World Bank need reform and replenishment.

The Russia sanctions were a turning point in economic warfare. Careful strategic thinking is now required on evolving economic statecraft.