Recent History Suggests Tougher Russia Sanctions Are Needed

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“The more this looks like the administration is using pages from the Iranian financial sanctions playbook, the greater the likelihood that market players will voluntarily cut their business ties to stay ahead of potential penalties,” said Mark Dubowitz of the Foundation for Defense of Democracies, who advises Congress.

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Mr. Dubowitz said Treasury should be considering steps to target Russian banks for their suspected money-laundering activities and ban them from global banking systems, which are vital to routine business. Congress and the White House should also consider legislation blacklisting companies that deal with blacklisted Russian entities.

“Sanctions are as much about psychology as legalities,” he said.