Recorded at the CEPR Paris Symposium. When Russia launched its invasion of Ukraine in 2022, it was already under sanctions for annexing Crimea in 2014. But did the gradual way in which these well intended “smart sanctions” were phased in during the 2010s allow many Russian banks, and their customers, to avoid any negative consequences? Mikhail Mamonov tells Tim Phillips about the consequences, or lack of them, of the smart sanctions imposed on Russia.