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The West’s Financial Arsenal

PRINCETON – The revolution in Ukraine and Russia’s illegal annexation of Crimea have generated a serious security crisis in Europe. But, with Western leaders testing a new kind of financial warfare, the situation could become even more dangerous.

A democratic, stable, and prosperous Ukraine would be a constant irritant – and rebuke – to President Vladimir Putin’s autocratic and economically sclerotic Russian Federation. In order to prevent such an outcome, Putin is trying to destabilize Ukraine, by seizing Crimea and fomenting ethnic conflict in the eastern part of the country.