We have to learn the lessons of the past over sanctions

Sanctions may work if the west holds its nerve but we must not forget the need for post-conflict rebuilding, argues Phil Thornton

Ordinary Russians could lose confidence in the banking system (AP)

What tanks are to generals, so sanctions are to economists. As Russia launched its invasion of Ukraine, it pressed the button on what former US president Woodrow Wilson called the “economic weapon”.

And after a hesitant start by governments – with the UK’s condemned as “tepid” in some quarters – they have significantly ratcheted up the scale of measures.

The G7 has placed sanctions on Russia’s central bank and removed some of the country’s lenders from the SWIFT global financial messaging system. It has imposed sanctions on officials and oligarchs.