Can Sanctions Deter Russia From Invading Ukraine?

Economic sanctions remain one of the most powerful tools the United States has in its foreign policy arsenal. And as Russian forces continue to amass along the border with Ukraine, officials in the U.S. hope the threat of those sanctions can deter a full-scale invasion. Besides sanctions that target individuals or specific companies, some proposals involve cutting Russia off from the SWIFT system, which would remove Russian institutions from an important global financial network. Another target is the near-completed Nord Stream 2 gas pipeline, which when operational would double the amount of natural gas moved from Russia to Germany through the Baltic Sea and likely reduce the need for other pipelines, such as the Urengoy–Pomary–Uzhhorod pipeline that runs through Ukraine.