International political economy The current sanction that have been propagated by the West on Russia, have got their own toll on the trade, fiscal and corporate policies of Russia. A fierce debate has already been generated in Washington D.C following the approach that the sanction by Mr. Obama has taken. The same application of sanctions have been adopted by European countries by responding with tough rhetoric thus, triggering the question, what else needs to be done to contain Russian on its front towards Ukraine?
Considering the corporate policy, it would be arguable that the most obvious way by which the sanctions against Russia could be fronted is through the exertion of further diplomatic pressure. Sticking to diplomacy considering the permanency of Russia as a member of the UN might though appear tricky even if the General Assembly were to pass non-binding resolutions on Russia.
Therefore, what options could the West have against Russia in regard to the invasion on Ukraine? Could fiscal policy restrictions be more feasible than corporate policy sanction? What else could be done, should Russia choose to ignore the sanctions leveled against it as has currently been seen? Through fiscal means, the West has managed to isolate Russia by freezing the assets of most of its prominent personalities including that of President Putin and his close allies. Consequently, travel bans have been issued against these people and still much is still needed.
Before engaging into war, trade restrictions must seem like the most feasible sanction that the West has left against Russia. In instances that it has been able to, the Western countries are isolating Russia such the cancellation of the G8 meeting and suspending Russia membership in the same. However, the option of exploration of economic sanctions in themselves might turn to hurt the Western economy considering the numerous trade allies it has with Russian firms. This pegs the concept on whether the West should just watch and wait for Russia to fall back into line.