JRL NEWSWATCH: “How to Hit Russia Where It Hurts; A Long-Term Strategy to Ramp Up Economic Pressure” – Foreign Affairs Magazine/ Peter Harrell

“… [S]anctions have done little to change Moscow’s ways. … Any economic pressure … has to starve the country’s military-industrial complex. The United States and Europe know this: they adopted export controls against Russian defense industries … and … Congress passed a law sanctioning foreign companies and governments … [for] ‘significant transactions’ with the Russian defense sector. These sanctions threaten Russia’s ability to export military equipment … trade … worth billions of dollars to Russia annually … [that] helps extend the country’s global influence.  … Washington should … persuad[e] U.S. partner countries … to cancel planned purchases …. rely[ing] not only on … sanctions but also … positive inducements such as … greater U.S. military cooperation. …. [T]he United States [also] can put pressure on Russia’s military supply chains. … Washington and Brussels have been reluctant to impose the most severe sanctions on Russia, such as blacklisting the largest Russian banks or kicking Russia out of … SWIFT …. [N]ew sanctions … should be designed to deter new investments in Russia with the goal of reducing the long-term volume and value of these exports and other major sources of Russian revenue over time. … giv[ing] alternative suppliers time to enter ….Trump …  can use the recently reformed … CFIUS[] review process to restrict Russia’s ability to acquire stakes in technology firms. … Congress could step up disclosure requirements around Russian real estate purchases … a gray-market haven for Russian money. … Congress should enact legislation requiring greater disclosure about who owns companies in the United States … the second easiest country … in which to establish a shell company [according to a 2012 study]. … [L]ack of disclosure around real estate purchases and corporate ownership creates loopholes for Putin’s cronies to move money ….”

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