MILAN – As the war between Israel and Hamas intensifies, global attention has largely shifted from Ukraine to Gaza. But while this is understandable, it would be a mistake to overlook the situation in Ukraine. With Vladimir Putin’s war of aggression approaching its second anniversary, it is crucial to understand why the unprecedented Western sanctions imposed on Russia have had such a limited effect.

Contrary to analysts’ expectations, the Russian economy has not collapsed as a result of........

© Project Syndicate