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This policy note summarizes our assessment of financial sanctions against Russia. We see an increase in sanctions severity starting from (1) the widely discussed SWIFT exclusions, followed by (2) blocking of correspondent banking relationships with Russian banks, including the Central Bank, alongside secondary sanctions, and (3) a full blacklisting of the ‘real’ export-import flows underlying the financial transactions. We assess option (1) as being less impactful than often believed yet sending a strong signal of EU unity; option (2) as an effective way to isolate the Russian banking system, particularly if secondary sanctions are in place, to avoid workarounds. Option (3) represents possibly the most effective way to apply economic and financial pressure, interrupting trade relationships.
Rule is commonly conceptualized with reference to the compliance it invokes. In this article, we propose a conception of rule via the practice of resistance instead. In contrast to liberal approaches, we stress the possibility of illegitimate rule, and, as opposed to critical approaches, the possibility of legitimate authority. In the international realm, forms of rule and the changes they undergo can thus be reconstructed in terms of the resistance they provoke. To this end, we distinguish between two types of resistance—opposition and dissidence—in order to demonstrate how resistance and rule imply each other. We draw on two case studies of resistance in and to international institutions to illustrate the relationship between rule and resistance and close with a discussion of the normative implications of such a conceptualization.