When Russia invaded Ukraine in February of this year, the international community slapped a raft of sanctions on the invading nation. They froze the assets of wealthy and powerful Russian citizens and restricted their ability to travel. They restricted the sale of Russian raw materials and energy and worked to prevent Russia from getting its hands on various kinds of defense and information technologies. And they imposed financial sanctions on Russian banks and curtailed Russia’s access to foreign capital and financial markets.
Many corporations followed up on these government-imposed sanctions with so-called self-sanctioning, whereby companies restricted or halted commercial relations with Russia and Russian firms. The effect, on paper, appeared to be a set of measures that struck at the heart of Russia’s economy. Forecasts in the spring…
