Commentary As anticipated, Vladimir Putin has invaded Ukraine. As also anticipated, the West has responded with economic sanctions. U.S. sanctions alone include: asset freezes on Russia’s primary financial institutions and key elites; restrictions upon these same banks from making transactions in U.S. dollars; substantial limitations upon debt and equity financing; import and export controls over military products and critical technologies; and prohibitions upon the Russian Central Bank from using its international reserves. Most severe is the commitment to removing Russia’s primary banks from the SWIFT network—the Western-dominated financial messaging consortium facilitating international transactions. Russia’s economy is already experiencing a substantial downturn. Putin knew this would happen, as the West continuously threatened these exact sanctions as a deterrent. Putin invaded anyway. What does this tell us? Some believe it tells us he didn’t expect such stiff resistance, and would have behaved differently if he knew the damage the Ukrainian military might …