… an economic conflict of a ferocity and scope not seen since the 1940s

… Worryingly, so far the sanctions war is not going as well as expected

… Behind such ambitious goals lies a new doctrine of Western power

… The unipolar moment of the 1990s, when America’s supremacy was uncontested, is long gone

… Sanctions seemed … exert power through its control of the financial and technological networks

… But the Russia embargo takes sanctions to a new level by aiming to cripple the world’s 11th-biggest economy

… one of the biggest exporters of energy, grain and other commodities

… the knockout blow has not materialised

… Energy sales will generate a current-account surplus of $265bn

… the world’s second-largest after China

… Russia’s financial system has stabilised and the country is finding new suppliers for some imports

… Meanwhile in Europe, an energy crisis may trigger a recession

full or partial embargoes are not being enforced by over 100 countries with 40% of world GDP

… Urals oil is flowing to Asia

… Dubai is brimming with Russian cash

… can fly with Emirates and others to Moscow seven times a day

… most countries have no desire to enforce Western policy

… as with Russia, China’s economy would be unlikely to collapse

… Beijing could retaliate by, say, starving the West of electronics, batteries and pharmaceuticals

… leaving Walmart’s shelves empty and triggering chaos

… Given that more countries depend on China than America as their largest trading partner

… The more that countries fear Western sanctions tomorrow, the less willing they will be to enforce embargoes on others today

… Nobody can counter aggression through dollars and semiconductors alone