Crisis In The Crimea: Are Sanctions Against Russia imminent?

Speaking on Sunday's talk-show circuit, Secretary of State John Kerry condemned Russia's military intervention in the Crimea, accusing the Kremlin of invading the Ukraine and violating the UN Charter. The condemnation echoes calls from Capitol Hill to impose immediate sanctions against Russia, but Putin will likely persist despite such threats. In the past, Russia ignored international opprobrium when it invaded Georgia in 2008. And somewhat like the Georgian case, where Moscow had established a military presence, Russia possesses a significant investment in the Crimean peninsula in the form of a strategically valuable naval base. Given this, Secretary Kerry's remark that the international community is considering "all of the options," carries a degree of imminence and inevitability. Of those options that are immediately available, the warning of Russia's possible economic isolation, asset freezes, and visa bans have us wondering what shape such sanctions may take.

If sanctions are implemented, they may include asset freezes and visa bans targeting some Russian officials. In a recent letter to President Obama, members of the U.S. Senate's Foreign Relations Committee proposed "targeted sanctions and asset recovery targeting corruption." This may take the form of asset freezes and visa bans not unlike those implemented by the European Union and the United States, following the death of Sergei Magnitsky. Those sanctions targeted Russian officials connected with Magnitsky's death, who had alleged that Russian officials carried out large-scale fraud, theft, and human rights violations. It is unclear at this stage, however, whom precisely the sanctions might target. Trade sanctions may also seek to limit Russian banks' access to the international financial system.

U.S. threats of sanctions...