The United States and elements of NATO are engaged in an undeclared war with Russia. This war — described as World War III by Fiona Hill, former deputy assistant to the president of the United States, and others — truthfully began in 2007, when Russian President Vladimir Putin delivered his now-famous speech at the Munich Security Conference. It accelerated when Russia invaded Ukraine a second time in February 2022. After six months of renewed conflict, a simple question has emerged: How do the U.S. and its allies in this war really hurt Putin? Underlying this question is another: Despite significant international sanctions against Russians collectively and Putin, his allies, and some Ru
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