When Russia’s president, Vladimir Putin, recognized the independence of two breakaway enclaves in eastern Ukraine on February 21st, he knew that the West would impose sanctions. America, the European Union, and Britain had all promised punitive measures exceeding those imposed in 2014 when Russia annexed Crimea. Within a day of his decision the Western response was made public (Australia, Canada, and Japan have since joined in). It included restrictions on the sale of Russian debt in Western capital markets, a freezing of the foreign assets of some Russian oligarchs and their children, and restrictions on Russian banks and parliamentarians. Most striking was Germany’s decision to suspend the licensing of Nord Stream 2 (ns2), a completed gas pipeline between Russia and Germany. The announcements were accompanied by tough rhetoric from Western leaders.