Western powers are tightening the screws on Russian President Vladimir Putin: The next move appears to be a phased-in European ban on purchases of Russian oil.
It is the right policy, given that oil money is financing Putin’s war in Ukraine and keeping the Russian economy alive.
However, the risks could be substantial: Revisionist powers have sometimes become most violent when campaigns of economic strangulation against them are about to succeed.
The classic example is Japan before World War II. For a decade, Tokyo had been seeking a vast empire in Asia. It had embarked on a military rampage, seizing Manchuria, invading