While enthusiastic Western liberals hail the imposition of sanctions on Russia, the increased willingness of the Western powers to weaponize the global economic system horrifies leaders in many countries who think the West is too powerful already. Many Brazilians have long feared that Western environmentalists intend to block the development of the Amazon basin. They worry that climate activists might force the Federal Reserve and other Western banks to “save the planet” by imposing sanctions on Brazil. Policy makers in India and elsewhere share many of these fears as they see environmental campaigners using global economic institutions to impose their agenda on countries with different priorities.

Mr. Putin’s claim that an overpowerful West seeks to use its economic and institutional leverage to impose a radical worldview on the rest of the planet strikes Western liberals as self-serving propaganda, but his arguments resonate more widely than most liberals understand. The Trump administration’s unilateral imposition of tough sanctions against Iran heightened international awareness of how much power the global economic system gives the U.S. But woke Democrats using economic sanctions to impose their views on climate, gender and other issues are even less welcome in many countries than Trumpian populists.

To those who share this perspective, an unpredictable America at the helm of the liberal West is a greater threat to the independence of many postcolonial states than Russian or even Chinese ambition could ever be. Chinese propaganda about the need for alternative economic arrangements that limit Western power are significantly more influential now than they were a month ago.