Sanctions: Do they work? Lessons learned from North Korea, Iran, Cuba, Venezuela | Business Beyond

The international response to Russia’s invasion of Ukraine has focused on sanctions. Aimed at dealing a crushing blow to the country’s economy and its industrial base, they’re the policy tool of choice to punish aggression, especially for the United States. But how effective are they?

In this edition of Business Beyond, we look at countries with a significant history of dealing with sanctions, and how much - or how little - they’ve changed their behaviour as a result of this kind of coercion. What can North Korea, Iran, Cuba, and Venezuela tell us about the global effort to exert economic pressure on Russia?

0:00 Intro
1:16 What are sanctions?
3:16 North Korea: The pariah state
7:12 Venezuela: Sanctions for regime change
8:57 Cuba: Playing the long game
11:42 Iran: An economy isolated
16:28 USA: Sanctioner-in-Chief
17:17 How often have sanctions worked?
18:47 Russia & Ukraine: Cause for hope
20:18 Goodbye


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