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Sanctions on the Installment Plan

WARSAW – Western leaders remain undecided about their next steps in trying to stop Russia’s aggression toward Ukraine. But one thing has become abundantly clear: their timid efforts so far – personal sanctions, an embargo on weapons exports, and the temporary suspension of Russia’s G-8 membership – have proved to be far from adequate to convince Russian President Vladimir Putin to back down.

Fortunately, there is a simple solution: a European Union embargo on imports of Russian raw materials, especially oil and gas. Just how manageable would an import embargo be?