Ukrainian forces have pushed the Russian army into humiliating retreat in Kherson. Moscow claims the region — and three others — as its own. Vladimir Putin recently hinted he could use nuclear weapons in response to Ukrainian advances. If he does, harsher sanctions should be part of the western riposte.
What options are there? Sanctions have so far included asset and funding freezes. These have hit the Russian central bank and big commercial peers Sberbank and VTB. A swath of oligarchs and Kremlin officials are pariahs abroad.
Much more could be done. Researchers say current sanctions are on course to shrink the Russian economy by as little as 4 per cent in 2022. Trade with the US and EU was still worth $183bn in the first six months of this year.