Russia: are economic sanctions effective?

The 2022 sanctions focused on economic restrictions on Russia, Belarus, and Iran for their involvement and supply of arms to Russia in the Ukraine war scenario. But this did not necessarily have the desired effect when it comes to natural gas… The European Union’s decision, however, had a dual effect; being the largest supplier of natural gas to the EU, Russia chose to restrict its EU supplies, and this shortage had to be compensated by the EU’s higher imports of Liquefied Natural Gas (LNG). The accompanying graph clearly illustrates this…