Russia’s invasion of Ukraine on Feb. 24, set into motion one of the largest geopolitical conflicts in recent memory. The United States and other Western countries promptly provided aid to Ukraine and implemented severe economic sanctions against the Russian Federation. As we are all experiencing human and economic impact even six months later, many unintended consequences are coming to light.

As the Russia-Ukraine sanctions programs went into effect, most Americans saw examples like the seizure of oligarchs’ yachts, withdrawal of major American and European companies from Russia, or rebranding of businesses in Russia, such as “Stars Coffee.” During a recent on-the-record briefing on the “Economic Impact of Sanctions on Russia,” Jeffrey Sonnenfeld, Yale School of Management professor, noted that the Russia-Ukraine sanctions effectively drove voluntary private sector withdrawal from the Russian economy. “There’s nothing like this in world history to have 1,100 plus companies—multinational companies voluntarily pull out.”

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